Walker & Dunlop has arranged the $29.5 million refinancing of Marine Terrace Apartments, a former condo building that consists of 190 multifamily units in Chicago’s Uptown neighborhood. Walker & Dunlop’s Milwaukee Capital Markets team, led by Dean Huber and Brien Martin, arranged the deal on behalf of client Rany Management and lender Prime Finance.

Around $2 million of the financing will be used for upgrades to the property including a rooftop deck and a ground-floor fitness room. Located at 4180 N Marine Drive, the property is located in Beuna Park between Wrigleyville and Lake Michigan.

This transaction marks the completion of a condo deconversion for Rany Management at the property, and despite its complexity, the deal closed within 40 days of the loan application. Marine Terrace Apartments is situated steps away from the 18.5-mile-long lakefront trail, beaches and parks. The complex is near retail options, including Jewel-Osco, Aldi and Target, all within walking distance.onnect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.