The Lynd Group secured $66 million in refinancing for one of its rental communities, Willow Glen, in suburban Chicago.
The refinancing repays the project’s construction loan and replaces it with a new financing package consisting of a $58 million Barclays-originated CMBS senior loan and an $8 million mezzanine loan provided by Ghisallo Capital, which retired the project’s government-backed bonds and simplified the capital stack.
The 224-unit Willow Glen, developed by Lynd Development in partnership with West Point Builders, is in the Village of Willow Springs, approximately 25 miles southwest of downtown Chicago. Construction was completed in 2023.
The property consists of 188 apartment units and 36 three-story townhomes at 8900 Willow Drive. The apartment homes feature a mix of one- and two-bedroom floor plans.
“This refinancing reflects the quality of the asset, the strength of our execution, and lender confidence in both the project and the Chicagoland market,” said A. David Lynd, CEO of The Lynd Group.
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