Eyzenberg & Co. Arranges Financing for Chicagoland Community
The owner, a joint venture between Auerbach Funds and Sinatra & Co. Real Estate, will use the money to pay off initial acquisition loan and continue renovation work.
3421 Foxboro Drive, Woodridge, Ill.
Eyzenberg & Co. has arranged a $28 million bridge loan for Woodland Ridge Apartments, a 304-unit garden-style community in Woodridge, Ill. The owner, a joint venture between Sinatra & Co. Real Estate and Auerbach Funds, acquired the property in 2016 from Katz & Katz for $28 million, according to Yardi Matrix data. The financing was originated by Hunt Mortgage Group, a reliable lender for a number of Midwest communities, and will be used to pay off the original acquisition loan as well as continue the renovation work at the buildings.
Woodland Ridge Apartments is located at 3421 Foxboro Drive, near Highway 53 to the west and approximately two miles from Interstate 355 to the east. It comprises six buildings spanning 32.5 acres and features one- and two-bedroom units.
The owner plans to improve the clubhouse by adding a suite of amenities such as a full kitchen and game room, cyber café, grilling stations, laundry lounge and a new 24-hour fitness center. Other upgrades include a brand new pitched roof, new patio doors and windows and air conditioning replacement.
Eyzenberg & Co. President David Eyzenberg, Managing Director Jeff Conti and Associate Diana Davidson arranged the loan terms. The property owner received an immediate partial cash-out as well as a future funding earn-out structure.
Image courtesy of Eyzenberg & Co.
