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upera Asset Management has secured a significant debt package for its ten multifamily properties in Lakeview and Lincoln Park, allowing the company to refinance previous loans at lower interest rates. The local landlord, led by CEO John Supera, managed to secure interest rates ranging from 5.14% to 5.25% on the 549-unit portfolio despite a "volatile" market environment.

    Chicago's Essex Capital Markets brokered the $59.1 million refinance deal, which consisted of six full-term interest-only loans provided by Fannie Mae. The transaction resulted in a net cash-out for Supera, meaning the company was able to take out larger loans and retain some remaining funds after paying off previous debts.

    Property records show that previous loans on the properties totaled $50.6 million across all ten buildings, with the refinancing deal resulting in a net cash-out of $8.5 million for Supera. The loan terms range from 7 to 12 years.

    Revenues at the properties have recovered since the pandemic, and Supera's strategy has shifted towards long-term debt. Essex's Darragh Griffin facilitated the transaction along with Quinn Keenan. The ten properties contain a total of 549 units, including buildings such as 530 West Arlington Place and 649-57 West Oakdale Avenue.

    The deal comes amid concerns over a new anti-gentrification ordinance passed by the City Council, which could lead to drawn-out sales and push investor demand closer to the lakefront on the North Side. However, Supera's CEO John Supera has stated that the company is committed to a long-term hold strategy for its concentrated portfolio of assets in one market.