BWE has secured $38.92 million to refinance 194 units of Woodland Park by the Lake, a 240-unit gated condominium community in the Bronzeville neighborhood of Chicago, Illinois.
Ryan Morris, vice president, and Max Miller, analyst, both in BWE’s Chicago office, originated the five-year Freddie Mac loan on behalf of the sponsor, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal, and since then, they have purchased more units and substantially renovated those homes. The refinancing accounts for 194 of the total 240 units.
“With its recent stabilization and the strong Chicago rental market, it was the ideal time to refinance so that our client can continue to acquire and renovate additional units in the property,” said Morris. Located at 3423 S Cottage Grove Avenue, Woodland Park by the Lake is a gated, seven-acre residential community.
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