⚡
Closing Urgency — HAP Contract Expires Aug 16, 2026
Owner targeting close by end of summer. HAP assignment must run concurrent with loan closing. Coordinate CHA with Cheryl L. Burns before PSA execution.
Days to HAP Expiry
—
Asking Price
$2.1M
7.89% going-in cap
Gross HAP Revenue
$307,898
Annual · CHA contract
Stabilized NOI
$165,663
After mgmt. & vacancy
Freddie Mac TAH DSCR
1.33x
80% LTV · $1.68M · Non-recourse
Occupancy (2024)
96%+
100% for 10 of 12 mo.
Closing Timeline
Target: Aug 16, 2026 (HAP expiry)
—
Days Remaining
—
Weeks Remaining
45
DD Days (Standard)
—
LOI Deadline (Implied)
✓
Portal Live
Apr 8
Apr 8
◎
LOI Deadline
TBD
TBD
4
PSA / DD
45 days
45 days
5
Lender Commit
+30 days
+30 days
★
Closing
Aug 16, 2026
Aug 16, 2026
Action Items
5 open
Set LOI deadline and communicate to all parties
Send portal invites to CIC, Marquette Bank, Wintrust, Greystone
Request HAP assignment pre-approval from Cheryl L. Burns · CHA
Upload 12-month water/sewer utility bills (4 building meters)
Resolve Unit 6 rent discrepancy ($43 shortfall vs. contract rent)
Offer Tracker
No LOIs received yet. Offering period is open.
Deal Status
✓
HAP Contract Renewed
Aug 17, 2025 · $307,898/yr
✓
Portal Live — Offers Open
Apr 8, 2026
3
Marketing · LOI Period
In Progress · Deadline TBD
4
PSA Negotiation
Pending
5
Due Diligence · 45 Days
Concurrent: CHA HAP Assignment
6
Financing Commitment
Freddie Mac TAH recommended
7
Closing
Target: Aug 16, 2026
Portal Activity
1
Active Parties
5
Documents
4
Messages
0
LOIs Received
Key Contacts
EJM
Earl Jerome Malry
Owner · 773-935-4425
ATC
Danny Crout Jr.
Advisor · danny@atc-property.com
CHA
Cheryl L. Burns · CHA
Chief Housing Choice Voucher
★ Recommended Financing Path
Freddie Mac TAH
Targeted Affordable Housing program. Non-recourse. Superior structure for CHA Section 8 Mod-Rehab assets.
LTV
80% ($1.68M)
DSCR
1.33x
Rate (est.)
~6.00%
Amort.
30 Years
Transaction Documents
+
Upload Document
PDF · XLS · XLSX · DOC · JPG · Max 50 MB
Gross HAP Revenue
$307,898
Annual · FY2025 Contract
Operating Expenses
$140,187
Est. FY2025 actual
Net Operating Income
$155,336
Before debt service
Implied Cap Rate
~6.1%
At $2.55M valuation
Income & Expense Summary
| Line Item | Annual | Per Unit |
|---|---|---|
| INCOME | ||
| 1 BR HAP Revenue (1 unit × $935) | $11,220 | $11,220 |
| 2 BR HAP Revenue (19 units × $1,072) | $244,416 | $12,864 |
| 3 BR HAP Revenue (3 units × $1,450) | $52,200 | $17,400 |
| Gross Scheduled Income | $307,836 | $13,384 |
| Vacancy & Credit Loss (est. 4%) | ($12,313) | ($536) |
| Effective Gross Income | $295,523 | $12,849 |
| OPERATING EXPENSES | ||
| Real Estate Taxes | $18,440 | $802 |
| Insurance | $12,600 | $548 |
| Water & Sewer (4 building meters) | $22,800 | $991 |
| Trash & Refuse | $3,600 | $157 |
| Common Area Electric / Gas | $4,200 | $183 |
| Repairs & Maintenance | $28,750 | $1,250 |
| Appliance Reserve | $6,900 | $300 |
| Management Fee (8% EGI) | $23,642 | $1,028 |
| Administrative / Accounting | $4,800 | $209 |
| Capital Reserve ($500/unit) | $11,500 | $500 |
| Miscellaneous / Contingency | $2,955 | $128 |
| Total Operating Expenses | $140,187 | $6,095 |
| Net Operating Income | $155,336 | $6,754 |
Unit Mix & Contract Rents
| Type | Units | Sq Ft | Rent | Annual |
|---|---|---|---|---|
| 1 Bedroom | 1 | 650 | $935 | $11,220 |
| 2 Bedroom | 19 | 750 | $1,072 | $244,416 |
| 3 Bedroom | 3 | 875 | $1,450 | $52,200 |
| Total / Avg | 23 | 746 | $1,061 | $307,836 |
DSCR Analysis by Lender
| Lender | Loan | Rate | Ann. DS | DSCR |
|---|---|---|---|---|
| Freddie Mac TAH ★ | $1,680,000 | 6.00% | $120,906 | 1.33x |
| Centennial Capital | $2,150,000 | 6.50% | $162,778 | 0.95x |
| Midwest Comm. Bank | $1,925,000 | 6.40% | $144,450 | 1.08x |
| Great Lakes CDFI | $1,750,000 | 7.10% | $147,600 | 1.05x |
| All-Cash | — | — | — | N/A |
NOI $165,663 · ★ Freddie Mac TAH: 80% LTV ($1.68M), 30-yr amort., non-recourse · Recommended path · Lender minimums: 1.15x–1.33x
Rent vs. Market
| Type | Contract | HUD FMR | Comparable | Discount |
|---|---|---|---|---|
| 1 BR | $935 | $1,872 | $1,548 | −39.6% |
| 2 BR | $1,072 | $2,113 | $1,656 | −35.3% |
| 3 BR | $1,450 | $2,714 | $1,826 | −46.6% |
Financial Disclaimer. Figures are estimates derived from the HAP contract and owner-provided data. Not independently audited. Prospective buyers should conduct independent due diligence and not rely solely on these projections.
Lenders Engaged
3
Conditional pre-approvals
Max Loan Indicated
$2.15M
Highest single indication
Rate Range
6.4–7.1%
Fixed · 25–30 yr amort.
Min LTV Required
75%
Across all indications
Conditional Pre-Approvals
Centennial Capital PartnersPre-Approved
Commercial Real Estate Division · Chicago, IL
Indicated Loan Amount
$2,150,000
Product
Perm Loan
Rate
6.50% Fixed
Amortization
30 Years
LTV / LTC
75% / 70%
DSCR Min
1.20x
Conditions & Requirements
Section 8 HAP contract must remain in place through loan term or buyer provides 6-month rent loss reserve
Phase I Environmental Site Assessment satisfactory to lender (at borrower's expense)
Third-party appraisal confirming value ≥ $2.87M based on income approach
Borrower entity net worth ≥ loan amount and liquidity ≥ 10% of loan at closing
Property inspection satisfactory; deferred maintenance reserve of $1,500/unit required
Indication Expires
May 31, 2026
Subject to credit committee confirmation
Midwest Community BankPre-Approved
Affordable Housing Lending Group · Oak Park, IL
Indicated Loan Amount
$1,925,000
Product
CRA Perm
Rate
6.40% Fixed
Amortization
30 Years
LTV / LTC
75% / 72%
DSCR Min
1.15x
Conditions & Requirements
CRA-eligible investment — favorable rate reflects Community Reinvestment Act credit motivation
Section 8 lease-up covenant: buyer must maintain ≥ 90% occupancy for 24 months post-close
Full property condition report required; structural issues exceeding $50K trigger re-underwriting
Escrow impound for taxes and insurance required at closing; estimated $18,400/year
Lender Contact
Diane R. Kowalski
Sr. Loan Officer, Affordable Housing · [email protected] · 📞 708-386-4100
Indication Expires
Jun 15, 2026
60-day lock available upon executed PSA
Great Lakes CDFI FundUnder Review
Mission-Driven Lending · CDFI · Chicago, IL
Indicated Loan Amount
$1,750,000
Preliminary — credit committee pending
Product
CDFI Perm
Rate
7.10% Fixed
Amortization
25 Years
LTV / LTC
70% / 65%
DSCR Min
1.25x
Conditions & Requirements
Borrower must commit to affordability covenant — units to remain Section 8 or income-restricted for 10+ years
Credit committee review scheduled May 7, 2026 — final terms subject to approval
Borrower to provide 3 years audited financials and 2025 YTD operating statements
Annual community impact reporting required as a condition of continued loan terms
⏳ Credit committee review pending · Final indication expected by May 9, 2026.
Indication Expires
Pending Committee
Est. May 9, 2026
Add Lender Indication
New Lender Pre-Approval
Record a new conditional pre-approval or term sheet indication from a lender.
This indication will be visible to all credentialed parties on the portal.
Lender Disclosure. Pre-approval indications are conditional and non-binding. Final terms are subject to each lender's full underwriting, credit committee approval, appraisal, title, environmental review, and execution of formal loan documents.
Letter of Intent
Submit a non-binding letter of intent to acquire 16-18 North Lorel Avenue, Chicago, IL 60644
Tier 3 · How to Engage Directly
All inquiries must go directly to the principal or their legal representative
This platform does not facilitate introductions, coordinate negotiations, or relay communications between parties. All direct engagement — including offers, questions, and due diligence requests — must be initiated by you and directed to the owner or their designated counsel.
Owner of Record
Earl Jerome Malry · EJM Offices
📞 773-935-4425 · 773-457-3926
📍 4346 N. Clarendon Ave, Garden Suite, Chicago IL 60613
Contact the owner directly to discuss terms, schedule inspections, or submit an offer. The platform's role ends at providing access to this information.
Asking Guidance
Call for Offers
Contact broker for price guidance
HAP Budget Authority
$307,898
2 BR FMR (HUD)$2,113/mo
3 BR FMR (HUD)$2,714/mo
OCAF Adjusted (4.2%)Applied
Tier 3 · Direct Principal Contact
EJM
Earl Jerome Malry
Owner of Record · EJM Offices
📞 773-935-4425
📱 773-457-3926
✉️ ejmoffices@gmail.com
📍 4346 N. Clarendon Ave, Garden Suite, Chicago IL 60613
This platform does not act as a broker or intermediary. All inquiries, offers, and negotiations must be directed to the owner or their designated legal representative without platform involvement.
Purchase & Sale Agreement Submission
Upload an executed or draft PSA for seller review and counsel. All documents are encrypted in transit.
📄
Drop your PSA document here or click to upload
PDF · DOCX · Max 50 MB · Encrypted
Request Property Visit
Schedule an on-site inspection of 16-18 N. Lorel Avenue. All tours conducted with owner's representative present.
Property Details
Address16-18 N. Lorel Ave
Building TypeWalk-Up Low-Rise
Floors3
Entrances4
ParkingStreet (no fee)
Community AreaAustin (251900)
Visit Policies
· 48-hour advance confirmation required
· Maximum 5 visitors per tour group
· CDA / NDA required before entry
· Photography in common areas only
· Occupied units require 24-hr tenant notice
· Owner's rep present at all times
Due Diligence Checklist
Overall Progress0%
Physical & Property Condition0/7
Full property condition / building inspectionCritical
Structural, mechanical, roof, envelope · Required by all lenders
Roof inspection report (age, remaining life, warranty)
Building built 1977 — assess replacement timeline
HVAC systems inspection — all 23 units + common areasCritical
Per-unit gas heating confirmed in HAP exhibit
Plumbing inspection — all 4 building water meters
Owner pays water/sewer directly — assess infrastructure
Electrical panel & wiring inspection per unit and common areas
Confirm compliance with current Chicago building code
Appliance inventory verification (23 refrigerators + ranges)Financial
Cross-reference LOREL_APPLIANCES_updated.xls
ADA / accessibility compliance assessment
0 accessible units per HAP exhibit — confirm HQS compliance
Environmental0/4
Phase I Environmental Site AssessmentCriticalLender Req.
All 3 lenders require satisfactory Phase I at borrower expense
Lead-based paint assessment (pre-1978 building)
Built 1977 — LBP disclosure and inspection required under HUD
Asbestos-containing material survey
Potential ACM in floor tile, insulation — assess and document
Radon testing (if required by lender)
Chicago area — confirm lender requirements
Legal & Title0/6
Title search — Parcel 16-09-321-026-0000LegalCritical
Confirm clear title, no liens or judgment encumbrances
ALTA/NSPS surveyLegalLender Req.
Confirm lot lines, easements, encroachments
Zoning verification — confirm RM-5 multifamily classification
Chicago zoning map — Austin community area
Review all 23 executed lease agreements
Verify terms, CHA addenda, tenant HAP eligibility
Confirm no pending litigation against property or owner
Eviction filings, building code violations, tort claims
Chicago building code violation search (CDOT / BACP)
Pull official city violation history for 16-18 N Lorel Ave
Financial & HAP Contract0/6
Verify executed HAP Contract IL002MR0002-0022Critical
Confirm CHA signature, effective 8/17/2025, term through 8/16/2026
12 months actual water/sewer utility billsFinancial
Owner pays 4 building meters — confirm actual vs. budgeted
24 months operating statements (P&L)Lender Req.
Required by Midwest Comm. Bank and Great Lakes CDFI
Real estate tax bill confirmation (Cook County 2024)
Verify current assessment, tax rate, and payment status
Insurance declarations page and claims history (3 years)
Fire, liability, flood designation confirmation
CHA HAP payment history — confirm no abatements or holds
Request CHA payment ledger from Cheryl L. Burns
Buyer's Advisory Team0/5
Engage real estate attorney (Illinois-licensed)Legal
PSA review, title, closing coordination
Engage CPA / accountant for financial review
Income verification, tax analysis, depreciation schedule
Confirm lender selection and formal loan applicationLender Req.
Initiate formal application with chosen lender post-LOI
Appraisal ordered (MAI-certified, income approach)Lender Req.
Required by all 3 lenders — target value ≥ $2.87M per Centennial
Property visit completed with owner's representative
Schedule via Property Visit tab — 48-hr notice required
Checklist Progress
0
Complete
28
Remaining
Tag Legend
CriticalRequired for closing or lender commitment
Lender Req.Required by one or more lenders
LegalRequires attorney review or action
FinancialFinancial analysis or verification
DD Period Timeline
Wk 1
Order Phase I, appraisal, ALTA; pull title; request utility bills & CHA payment history
Wk 2
Property inspection; lease review; insurance review; lender application submitted
Wk 3
Receive Phase I, appraisal, inspection reports; PSA redlines; lender underwriting review
Wk 4+
Resolve contingencies; loan commitment; clear to close; coordinate closing agent
Transaction Messages
Secure communication channel for all parties. Messages are logged and time-stamped.
EJM
Earl Malry · OwnerApr 8, 2026 · 9:14 AM
Welcome to the transaction portal for 16-18 N. Lorel. All documents are now available for credentialed parties. HAP contract renewal is signed and effective 8/17/2025.
CB
C. Blanchard · Buyer RepApr 9, 2026 · 2:38 PM
Thank you Earl. We've downloaded the rent roll and expense schedule. Questions: (1) What was the 2024 vacancy rate? (2) Any outstanding CHA inspection items? (3) Can you share the last 12 months of utility bills for water/sewer?
EJM
Earl Malry · OwnerApr 9, 2026 · 5:02 PM
Good questions. (1) Vacancy under 4% — 100% occupied for 10 of 12 months. (2) No open CHA items; last HQS passed. (3) Uploading utility statements by EOD tomorrow. Property has 4 building water meters I pay directly.
ME
MeApr 10, 2026 · 10:22 AM
Excellent — looking forward to the utility docs. Targeting a site visit next week and expect our LOI shortly after. What is the seller's timing preference for closing?
Parties in Thread
CB
C. Blanchard
Buyer Representative
CHA
CHA · Cheryl L. Burns
Chief Housing Choice Voucher
Quick Actions
Activity Log
HAP Renewal Contract (2025) uploaded by Earl Malry
Apr 10, 2026 · 8:02 AM
C. Blanchard downloaded January 2026 Rent Roll
Apr 9, 2026 · 3:47 PM
C. Blanchard downloaded 2025 Operating Expenses
Apr 9, 2026 · 3:46 PM
New message from C. Blanchard — 3 questions re: vacancy & utilities
Apr 9, 2026 · 2:38 PM
C. Blanchard accessed portal (first login) · Code LOREL-4921-CB01
Apr 9, 2026 · 2:11 PM
Chicago 60644 Property Export uploaded by Earl Malry
Apr 8, 2026 · 11:30 AM
Appliances inventory (updated) uploaded by Earl Malry
Apr 8, 2026 · 11:26 AM
Transaction portal created · Contract IL002MR0002-0022
Apr 8, 2026 · 9:00 AM
HAP contract renewal signed by Earl Jerome Malry
Jun 6, 2025 · (Effective 8/17/2025)
Portal Summary
5
Documents
4
Messages
1
Active Parties
0
LOIs Received
Closing Roadmap
✓
HAP Contract Renewed
CHA renewal IL002MR0002-0022 executed. Budget authority $307,898/yr confirmed.
Completed · Aug 17, 2025
✓
Transaction Portal Live
Invite-only portal launched with docs, financials, and lender data available.
Completed · Apr 8, 2026
3
Marketing & Offers Open
Accepting LOIs from qualified buyers. Offer deadline TBD by seller.
In Progress · Apr 2026
4
LOI Execution & PSA Negotiation
Seller selects offer, executes LOI, negotiates PSA with buyer's counsel.
Pending
5
Due Diligence Period
Buyer conducts inspections, Phase I, appraisal, title search, lease review. 45-day standard DD.
Pending · ~45 days post-PSA
6
Financing Commitment
Lender issues formal commitment letter. Rate lock. Final underwriting review.
Pending · ~30 days post-DD
7
CHA HAP Assignment Approval
CHA must approve assignment to new ownership entity. Coordinate with Cheryl L. Burns.
Pending · Concurrent with DD
8
Closing
Title company coordinates. Deed recorded with Cook County. HAP payments redirected to new owner.
Target · TBD · HAP exp. Aug 2026
Property Location
ZoningRM-5 Residential Multi-Unit
Aldermanic Ward28th Ward
Cook County PIN16-09-321-026-0000
Flood ZoneZone X — Minimal Risk
TransitCTA Blue Line · Austin Sta.
Access Management
Invites Issued
7
Since portal launch · Apr 10, 2026
Active Sessions
2
Parties logged in this week
Access Requests
1
Pending review
Documents Downloaded
7
Across all parties
Pending Access Requests 1 new
Marcus T. Webb
LenderNewCentennial Capital · [email protected] · Submitted Apr 10, 2026
"Evaluating on behalf of Centennial Capital for potential bridge financing. We underwrite Section 8 Mod-Rehab assets regularly across Illinois and Indiana."
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