Railway Plaza, Naperville, ILRailway Plaza, Naperville, IL

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NAPERVILLE, IL—Less than two months after a partnership of BHEquities of Des Moines, IA and New York City-based CantorFitzgerald spent $78 million for a multifamily property in Aurora,IL, the partnership has added more than 400 units here to itsportfolio.

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BH Equities and Cantor Fitzgerald has acquired the 417-unitRailway Plaza property in Naperville. Crain's Chicago Businessreports the purchase price was $96 million for the garden-stylecomplex that features 13 buildings.

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Newmark Knight Frank Multifamily reports it arranged more than$61 million in financing in connection with the purchase of theproperty that was completed in 2000 and is located adjacent toRoute 59 Metro Station.

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A team consisting of executive managing director Bill Weber,managing director Henry Stimler and VP Daniel Sarsfield of NKF'sMultifamily Capital Markets group worked with lender, Freddie Mac,to finance the 10-year fixed-rate loan of $61.073 million on behalfof Cantor Fitzgerald and operating partner BH Equities.

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"This acquisition on behalf of BH Equities and Cantor Fitzgeraldshowcases the strength of the multifamily market in growing areasacross the country," Stimler says. "Multifamily properties likeRailway Plaza that are well-maintained and well-located continue tobe a strong choice for institutional investors looking to expandtheir portfolio of properties."

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Railway Plaza features a mix of one-bedroom and two-bedroomunits as well as a renovated clubroom that includes a 24-hourfitness center, lounge, resort-style outdoor swimming pool andsundeck, outdoor grilling stations and a fire-pit.

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In November, BH Equities and Cantor Fitzgerald acquired the368-unit Aurora at Summerfield community in Aurora, ILfor a reported purchase price of approximately $78 million.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.