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Chicago & Midwest  + Greater Chicagoland  + Finance  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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