CHICAGO—Some lenders are leery of financing developments with both rental units and condominiums, but Avison Young recently overcame that challenge by securing $34 million in acquisition financing for Strategic Properties of North America so it can purchase and make improvements to Grays Pointe Apartment Complex, a 396-unit apartment complex located at 1900 Country Dr. in north suburban Grayslake. The property includes 301 rental units and 95 condominiums.
“This is not a cookie-cutter multifamily deal,” Avison Young principal Justin Piasecki tells GlobeSt.com. “You have another 95 units that are owned by individual investors. That freaks some lenders out.” But in this case, Strategic Properties has already “had an amazing response from the condo owners, who seem willing to sell.”
Piasecki is part of Avison Young's New York City-based debt, joint venture and structured capital team. He and senior associate Ethan Blum secured the loan from a lender advised by Pine River Capital Management.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
