Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Origin/Randolph Street JV Lands $36M Financing
HFF has arranged $36.08 million in financing for Iroquois Club Apartments, a once-fractured condominium property in the western Chicago suburb of Naperville, IL. The HFF team of Josh Simon and Jason Bond secured the five-year loan through an insurance company on behalf of the Iroquois Club owners, a partnership between Origin Investments and Randolph Street Realty Capital.
The hybrid loan comprises a $35-million fixed-rate and $1.08-million floating-rate component, and includes interest-only amortization and a flexible prepayment structure after month 36. Loan proceeds were used to pay off existing debt, fund loan closing costs, and renovate a portion of the units.
The Origin/Randolph Street partnership formed a joint venture and acquired the Iroquois Club, a 264-unit apartment complex, for approximately $38 million in September 2015. Since the acquisition, the partnership has performed renovations, increasing average in-place rents by 23% since the acquisition.
>
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing

Get Chicago News in 150 Words