January 5, 2021
Alliant Credit Union has closed on a $39-million loan to refinance a 300+ unit multifamily property located in Naperville, IL. The borrower wasn’t disclosed. Offering many lifestyle amenities including a pool and fitness center, the property has enjoyed occupancy of more than 90%.
Located in the Naperville submarket, which reports stronger median household income, education levels and population growth than the overall Chicago metropolitan area, the apartment building provides easy access to Chicago job centers and surrounding commercial districts. This transaction was referred to Alliant by Brett Olson and Joe Lindberg at Grandbridge Real Estate Capital LLC.
“Alliant was pleased to provide this financing for a strong, well-respected Midwest sponsor group that has continued to support and operate this property for years,” said Tim Madigan, commercial loan originator at Alliant. “The property is truly differentiated from the competition in a solid submarket.”
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