Walker & Dunlop Investment Partners Provides $50M Refi for Chicago-Area Apartments

Noah Properties has sealed $50 million of bridge debt to refinance a newly built multifamily asset in the suburbs northwest of Chicago, Commercial Observer has learned.

Walker & Dunlop Investment Partners originated the loan for Novú Apartments, a 180-unit complex in Niles, Ill., that opened this year. The loan replaces original construction financing while also providing additional financial flexibility through the lease-up process.

Arrow Real Estate Advisors arranged the transaction with a team consisting of Morris Betesh, Omar Ferreira and Jacob Petrovic.

“Niles is a growing market that benefits from its strategic location between Downtown Chicago and the surrounding suburbs, making it an ideal setting for new Class A multifamily development,” Betesh, founder and managing partner of Arrow, said in a statement. “The property’s early leasing success validated the sponsor’s vision.”

Betesh noted that the project marked one the first newer rental apartment properties in a Niles area dominated by older multifamily inventory. The deal process involved Arrow utilizing leasing data in Niles to back up Noah’s rent assumptions of strong demand. 

Located east of Chicago’s O’Hare International Airport at 6633 North Milwaukee Avenue, 14 miles northwest of Downtown Chicago, the 192,000-square-foot apartment community has units ranging from one to three bedrooms. Community amenities include a swimming pool, fitness center and sauna. 

Officials at Walker & Dunlop and Noah Properties did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.