Transit-Oriented MF Project in Glendale Heights/Lombard Gets $14M Construction Loan
“The submarket benefits from strong multifamily occupancy and limited new supply," says Knighthead's Peter Illuzzi.
CHICAGO, IL—Greenwich, CT-based Knighthead Funding has provided Noah Properties Chicago with a $14.36 million construction loan for the Roselle Apartments, a transit-oriented multifamily community being developed in the Chicago submarket of Glendale Heights/Lombard.
When completed in the first quarter of 2020, Roselle will feature 72 two-bedroom, two bath townhomes in six, three-story buildings located at 22W456 Irving Park Road. Each home will include stainless appliances, stone countertops, walk-in closets and washer and dryer.
“The submarket benefits from strong multifamily occupancy and limited new supply. The project’s desirable unit sizes and layouts, along with its proximity to the Metra Station, which provides convenient transportation to downtown Chicago, make this development very attractive,” says Peter Illuzzi, who handles loan originations in the Midwest for Knighthead. “We were also very impressed with sponsorship, Noah Properties Chicago, which has significant experience and a proven track record in constructing this type of product across Chicago,”
Due to a time-sensitive closing following a recent rezoning, Knighthead was able to meet the sponsor’s tight deadline to fund the 18-month, non-recourse loan.
The transit-oriented development is located less than two blocks from the Roselle Metra station, leaving it approximately a 45-minute ride from Chicago’s Union Station and approximately 10 minutes from O’Hare International Airport.