Joint Venture Bets on Chicago Multifamily
- Jul 23, 2015
Two out-of-state investors recently closed a major multifamily deal in the Windy City. Walker & Dunlop Inc. of Bethesda, Md., together with Phoenix, Az.-based TSB Capital Advisors closed a $50 million loan for the refinancing of Autumn Chase Apartments in Hoffman Estates, Ill.
A team led by Walker & Dunlop Managing Director Will Baker worked on behalf of Greenwood Capital Investment to secure a cash-out refinancing loan underwritten with a 10-year term, including nine and a half years of yield maintenance and a 30-year amortization schedule. According to a prepared statement, Fannie Mae agreed to lend up to 80 percent of the property value on a cash-out refinance.
“Based on Greenwood’s outstanding track record operating this asset for many years, they were able to access the equity they had accumulated in the project to grow their multifamily development platform,” said Baker. “Our outstanding relationship with Fannie Mae and TSB Capital Advisors enabled a seamless transaction.”
Located at 725 W. Bode Circle in Hoffman Estates, Autumn Chase Apartments incorporates 550 studio, one- and two-bedroom residential units and has an occupancy rate of 95 percent. The garden-style community offers residents amenities such as an outdoor swimming pool, tennis court, private picnic area, and parking garages with automatic doors. The Northwestern Chicago suburb of Hoffman Estates is the home of Sears Holding Co.’s headquarters and the Midwest headquarters for AT&T.
Image courtesy of Autumn Chase Apartments