Breneman Capital Successfully Refinances Madison Throop Place

The Breneman Capital team is pleased to announce the successful refinancing of Madison Throop Place, a 72-unit multifamily property with ground-floor commercial space located in the West Loop neighborhood of Chicago.

The refinance involved a $27 million Fannie Mae loan with a five-year term and full-term interest-only payments, arranged by Northmarq’s Debt and Equity team. The transaction delivered a return of roughly $5.75 million of tax-free cash-out net proceeds (i.e. 57.50% of the initial required equity at the time of acquisition) while maintaining long-term ownership.

This transaction also aligns with our strategy to deliver tax-efficient returns to our investors as well as our long-term commitment to the West Loop submarket where we own two other properties (Adams Laflin Place and Ashland Place).

Madison Throop Place was originally acquired off-market in October 2020. The property has performed consistently since acquisition, while also benefiting considerably from Chicago’s strong market fundamentals.

Built in 2016, the property consists of two four-story buildings with a mix of one-, two-, and three-bedroom floorplans atop ground-floor commercial and a covered parking garage. Amenities include private balconies, rooftop terrace, and fitness center. 

We would like to thank our investors once again for their continued trust and commitment.