Berkadia Arranges Financing for Suburban Chicago Community
More than half of the units are reserved for senior housing.
Artisan Capital Group has landed acquisition financing for Edenbridge Apartments, a 309-unit community in Tinley Park, Ill. Managing Director John Schorgl of Berkadia secured the three-year, interest-only, non-recourse bridge loan provided by Cohen & Co.
The 1976-built property comprises 13 buildings with a mix of efficiency, one-, two- and three-bedroom units, averaging 716 square feet with in-unit washers and dryers, walk-in closets and air conditioning. The 479 and 599-square-foot floorplans, totaling 187 units, are reserved for senior housing. Common-area amenities include a sundeck, clubhouse, playground and swimming pool.
Located at 18134 S 66th Court, Edenbridge Apartments is within a mile of the Tinley Park Convention Center and 2.5 miles away from retail options, including Home Goods and Best Buy. Interstate 80 is 2 miles north of the property, connecting it to Interstate 57, directly to Chicago.
Artisan Capital Group is expanding its portfolio, currently holding roughly 2,900 units across the Midwest. More than half of the units are located in Iowa.
Schorgl said, in a prepared statement, that the financing represents an opportunity for both the sponsors and community, as the property was in need of a renovation. In January, Berkadia and Northmarq arranged the $122.5 million portfolio sale of three communities totaling 521 units in Greater Phoenix.