Eastern Union has arranged a $125.25 million loan to finance the acquisition of The Pavilion, a 15-story, 1,115-unit multifamily high-rise located at 5441 N. East River Road in the O’Hare neighborhood on Chicago’s far-northwest side.
The loan for the well-known, five-building complex was secured by Eastern Union senior managing director Michael Muller with support from commercial loan analyst Mike Orlik. The borrower was Chicago-based R.I.G. Capital and the seller was Brookfield Asset Management. The financing was carried out as an agency execution through managing director Stephen York of Arbor Realty Trust of Uniondale, New York.
Situated on an 18.1-acre parcel, The Pavilion has a gross building area of 1,149,055 square feet and a net rentable area of 886,137 square feet. It was built between 1968 and 1972. The property was 96-percent occupied at the time of closing. At a sale price of $167 million, the transaction represented a 75-percent loan-to-cost ratio. Payments will be based on a 30-year amortization. The transaction was the first time the property had traded hands in several decades.
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