Barclays Leads $66M Refi for Chicago-Area Apartments
By Andrew Coen January 20, 2026 1:04 pm
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Multifamily developer The Lynd Group has secured a $66 million loan to refinance a newly completed apartment complex in suburban Chicago, Commercial Observer has learned.
Barclays originated a $58 million commercial mortgage-backed securities loan for the 224-unit Willow Glen project in Willow Springs, Ill., developed by Lynd Development in partnership with West Point Builders. Ghisallo Capital also provided an $8 million mezzanine loan as part of the refi for the 2023-built property.
“By restructuring the capital stack and securing long-term financing, we have the flexibility to continue pushing rents towards market levels while operating the asset efficiently,” A. David Lynd, CEO of The Lynd Group, said in a statement.
Located at 8900 Willow Glen Drive 20 miles southwest of Downtown Chicago, the development consists of 188 apartment units and 36 three-story townhomes. Community amenities include a clubhouse, a coffee bar, a fitness center, a swimming pool, grilling stations, a game room and a pet park.
Willow Glen is just three blocks from the Metra commuter rail service near major employment centers. It’s also close to the area’s extensive network of forest preserves, trails and outdoor recreation sites.
The loan was closed on the heels of Lynd landing a $64 million loan from Starwood Capital to refi a 178-unit build-to-rent community in Oswego, Ill.
“We continue to be very bullish on suburban Chicago fundamentals,” Anthony Tiritilli, president of development at Lynd, said in a statement. “Demand remains strong, rent growth is healthy, and well-located, high-quality assets like this one are well positioned to benefit from those tailwinds as the market continues to normalize.”
Ghisallo Capital did not immediately return a request for comment. Barclays declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
