Urban Bay Financial Facilitates $840,000 Funding to Save 24‑Unit Riverdale Apartment Complex from Imminent Foreclosure

Caleb Walsh facilitated an $840,000 construction and refinance loan for three Riverdale multifamily parcels, including a dedicated construction reserve.

TAMPA, FL, UNITED STATES, March 26, 2026 /EINPresswire.com/ -- Urban Bay Financial announced its role in facilitating the successful funding of an $840,000 construction and refinance loan for the Riverdale Legacy Property, a three‑parcel multifamily site located at 14130, 14132, and 14138 S. Atlantic Street in Riverdale, Illinois. According to the Final Master Settlement Statement, the loan supports the refinance of existing debt—including a $650,000 mortgage payoff—and provides a $130,000 construction reserve to advance capital improvements.

The borrowing entity, Riverdale Legacy Property, LLC, managed by Cremeans Ventures, LLC, secured the financing to stabilize and enhance the three‑parcel property. Title and escrow services for the transaction were provided by Fidelity National Title Company. Loan terms include a 15% APR, a six‑month initial term, interest‑only payments of $10,850, and a total scheduled monthly payment of $16,698.60, which includes tax and servicing escrows. The formal closing occurred on March 25, 2026. The funding was completed under significant time pressure, as the borrower was facing a maturity default and the existing lender was preparing to initiate foreclosure proceedings.

Quote from Caleb Walsh
“Our client was only days away from a maturity default, and the previous bank had already begun preparing foreclosure filings,” said Caleb Walsh of Urban Bay Financial. “We stepped in at the eleventh hour, navigated a very compressed timeline, and successfully closed in time to save his 24‑unit apartment complex. The owner plans to continue operating the building as an affordable housing community with a large number of Section 8 residents, and preserving that stability for local families made the urgency worthwhile.”

This financing effort contributes to ongoing revitalization in the Riverdale corridor by enabling necessary rehabilitation and long‑term improvements across the three residential structures. Urban Bay Financial continues to provide capital guidance, deal structuring, and financing solutions for real estate investment borrowers seeking tailored lending channels.

Caleb Walsh
Urban Bay Financial
+1 702-805-0677
hq@urbanbayfinancial.com
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