Wells Fargo Refis Illinois Apartments With $53M Loan
By Andrew Coen March 3, 2026 11:59 am
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Noah Properties doesn’t need an ark for its latest suburban Chicago rental housing projects.
The Chicago-based developer has landed a $53 million loan to refinance its newly built The Grove Phase I property in River Grove, Ill., Commercial Observer has learned.
Wells Fargo supplied the fixed-rate balance sheet loan for the 162-unit apartment community that is part of a 22-acre multifamily community completed last year.
Arrow Real Estate Advisors arranged the transaction with a team led by Morris Betesh, Omar Ferreira and Jacob Petrovic.
“Transitioning from bridge lease-up debt to long-term bank capital in today’s market requires the right structure and the right partner, and Wells Fargo delivered on both,” Betesh, Arrow’s founder and managing partner, said in a statement.
Located at 8001 West Belmont Avenue 13 miles northwest of Downtown Chicago, the property benefits from enhanced cash flows from being situated within a tax increment financing district, according to Arrow. Community amenities include an outdoor swimming pool, grilling stations, a fitness center and a coworking lounge.
Wells Fargo and Noah Properties did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
