Can you get line of credit on Multi family property?

[Michael Evans]

I own a 51 Unit Apartment that's valued at $3.6 million and we owe $2.5 million. We have some repairs we need cash for and I was wondering if it is possible to get an equity line for an apartment?

Ive considered doing a cash out refinance since our rate is not great at 4.79% but the prepayment penalty is high since it is a mark to market penalty. The prepayment penalty makes this a bad solution for a few years.

The appartment is in Chicago but I live on tbe west coast.

I'd love some ideas.