JLL arranges $17.345M financing for suburban Chicago apartments
Loan proceeds will fund the conversion of 50 condominiums into multi-housing units
CHICAGO, October 1, 2019 – JLL announced today that it has arranged $17.345 million in financing for Iron Gate, a 180-unit fractured apartment and condominium community in the western Chicago suburb of Glen Ellyn, Illinois.
JLL worked on behalf of the borrower, Bear Peak Capital, LLC, to arrange the three-year, floating-rate loan through Bridge Debt Strategies. Loan proceeds will be used to convert the remaining 50 condominiums into conventional multi-housing units. The conversion process will also include various exterior and interior improvements.
Iron Gate is situated on 8.6 acres at 11 Briar Street near Metra’s Union Pacific West commuter rail line and IL-38, both of which provide direct access to downtown Chicago. The property consists of five two-story buildings with homes averaging 721 square feet along with 222 parking spaces. Community amenities include a swimming pool, playground, on-site laundry facilities and high-speed internet access. The property was 96% occupied at closing.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Bear Peak Capital, LLC
Bear Peak Capital (“BPC”) is a Chicago-based private equity real estate company. The company currently owns a number of multifamily assets in the Chicago MSA. The principals have been in the real estate industry for approximately five years owning and operating multifamily, single-family homes and land. BPC’s focus is on acquiring 100+ unit, Class C to B assets, with a value-add component. The company’s general strategy is to provide quality, affordable housing to working class communities through property renovations and improving operations.
About Bridge Debt Strategies
Bridge Debt Strategies (“Bridge”) is a subsidiary of Bridge Investment Group, a family of funds with $16+ billion of AUM that owns and/or manages 33,500 apartment units, 13 million square feet of commercial office space along with 13,000+ seniors housing units. Bridge provides floating-rate first mortgage financing solutions for various types of commercial real estate including Multifamily, Senior Housing, and Office, among others. Its ability to bring immediate capital with flexible terms can bridge the financing gap for property owners. Since inception in 2014, Bridge has originated over $2.8 billion of CRE loans. For more information, please contact Scott Miller at (646) 568-5679 or visit bridgeig.com.