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$17M Loan Will Advance Glen Ellyn Condo Conversions
JLL arranged $17.3 million in financing for Iron Gate, a 180-unit fractured apartment and condominium community in the western Chicago suburb of Glen Ellyn, IL.
A JLL Capital Markets team of Jason Bond and Trent Niederberger 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 condos into conventional rental units. The conversion process will also include various exterior and interior improvements.
Iron Gate is situated on 8.6 acres at 11 Briar St,. near Metra’s Union Pacific West commuter rail line and IL-38, both providing 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.
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