Wells Fargo Refis Illinois Apartments With $53M Loan

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.