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MonticelloAM Closes $29M Transaction for Illinois Apartment Complex
MonticelloAM, along with a firm affiliate, closed a bridge loan for an apartment complex in McHenry, Illinois.
The transaction was brought to MonticelloAM by Trent Niederberger of JLL Chicago. MonticelloAM Senior Managing Director Darryl Myrose worked with the JLL Chicago team on the origination of the transaction. “This transaction marks the beginning of a new partnership with an experienced Midwest sponsor, and we are excited to support their continued growth while expanding our presence alongside a proven operator in the region,” said Myrose.
The loan carries a 24-month initial term with three 12-month extension options. Proceeds will be utilized to finance the acquisition of the property and allow the sponsor, Cunat Inc., a privately held real estate firm that owns and operates over 4,000 units in the Midwest, to execute on their renovation plan. The property, Fawn Ridge Apartments, is a garden-style multifamily property comprised of 208 units across nine buildings in northwest Chicago.
