April 25, 2019
Knighthead Funding, LLC has provided Noah Properties Chicago with a $14.36-million construction loan for the Roselle Apartments, a multifamily community in suburban Roselle, IL. Given a time-sensitive closing following a recent rezoning, Knighthead was able to meet the sponsor’s tight deadline and fund the 18-month, non-recourse loan.
When completed in the first quarter of 2020, the project will feature 72 two-bedroom, two bath townhomes in six, three-story buildings located at 22W456 Irving Park Rd. The transit-oriented development is located less than two blocks from the Roselle Metra station.
The Glendale Heights/Lombard submarket, where Roselle Apartments is located, “benefits from strong multifamily occupancy and limited new supply,” said Knighthead’s Peter Illuzzi. “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.”
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