Arbor Realty Trust Lends $125M on Chicago Apartments Acquisition

R.I.G. Capital has sealed $125.3 million of acquisition financing for the purchase of a 1,115-unit multifamily complex near Chicago’s O’Hare International Airport.

Arbor Realty Trust supplied the loan for the developer’s $167 million acquisition of Pavilion Apartments in Chicago’s O’Hare neighborhood from Brookfield Asset Management, according to Eastern Union, which negotiated the debt.

Crain’s Chicago Business first reported the sale of the 15-story, five-building property at 5441 North East River Road, which marked the biggest Chicago apartment building sale of 2026.

Located on an 18.1-acre parcel in northwest Chicago 4 miles east of O’Hare International Airport, the 1972-built complex is 96 percent occupied, according to Eastern Union. The property, which has 1,367 parking spaces, features community amenities that include a swimming pool, a spa, a sauna, a fitness center and a barbecue area. 

Michael Muller, senior managing director at Eastern Union, said R.I.G was able to obtain “competitive terms” with the loan “despite a volatile environment,” with the transaction representing a 75 percent loan-to-cost ratio.

Arbor Realty Trust and R.I.G. Capital did not immediately return requests for comment.

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