Rendering of Roselle Apartments, 22W456 Irving Park Road, Chicago, IL
CHICAGO, IL—Greenwich, CT-based Knighthead Funding has provided Noah Properties Chicago with a $14.36 million construction loan for the Roselle Apartments, a transit-oriented multifamily community being developed in the Chicago submarket of Glendale Heights/Lombard.
When completed in the first quarter of 2020, Roselle will feature 72 two-bedroom, two bath townhomes in six, three-story buildings located at 22W456 Irving Park Road. Each home will include stainless appliances, stone countertops, walk-in closets and washer and dryer.
“The submarket benefits from strong multifamily occupancy and limited new supply. 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,” says Peter Illuzzi, who handles loan originations in the Midwest for Knighthead. “We were also very impressed with sponsorship, Noah Properties Chicago, which has significant experience and a proven track record in constructing this type of product across Chicago,”
Due to a time-sensitive closing following a recent rezoning, Knighthead was able to meet the sponsor's tight deadline to fund the 18-month, non-recourse loan.
The transit-oriented development is located less than two blocks from the Roselle Metra station, leaving it approximately a 45-minute ride from Chicago's Union Station and approximately 10 minutes from O'Hare International Airport.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
