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Horizon Refinances 500 Units for $37M

CHICAGO-The six properties are all on the North Side, considered quality assets though they are up there in age. The financier says the industry is relying on agency liquidity.

By Robert Carr | Updated on February 24, 2010

CHICAGO-Locally-based multifamily owner and broker Horizon Realty Group recently refinanced almost 500 units in six communities throughout the Chicagoland area. The transactions totaled about $37.5 million, and were completed through the Chicago office of Alliant Capital LLC.

The apartment complexes include Buena Terrace, Oakdale Terrace, Sheridan Glen, Barry Court, Wolcott Terrace and the Covington, and are all within 10 miles from each other on the north side of Chicago. The properties, while older, are of a quality needed for today’s financing transaction, says Alliant SVP Aaron Abelson. “Now, with the credit market the way it is, the quality of the asset and the borrower is critically important.”

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