Torchlight Provides $80M Refi for Suburban Chicago Community
The firm recapitalized 500 Station, a 417-unit asset in Aurora, Ill., with senior and mezzanine financing. Aurora is connected by local shuttle to the Route 59 commuter rail station, which offers express service to central Chicago.
Torchlight Investors, an independent advisor, provided $80 million of senior and mezzanine financing to recapitalize, lease up and stabilize 500 Station, a Class A, 417-unit apartment community in Aurora, Ill.
A rendering of 500 Station, Arurora, Ill.
The asset is located at 675 Station Blvd., in a central area of Aurora, directly north of the Fox Valley Mall, which features more than 150 retail stores. Route 59 and I-88, the main thoroughfare between Chicago and the suburbs, are in close proximity. 500 Station is also less than 5 miles to Naperville, a Chicago neighborhood that offers numerous dining and shopping options. A local shuttle connects the property to the Route 59 commuter rail station, which offers express service to central Chicago.
The community features 189 one-, 180 two- and 48 three-bedroom units that range from 777 square feet to 1,250 square feet. Apartments have nine-foot ceilings, stainless steel appliances, quartz countertops, USB ports and access to high speed internet. Additional amenities include an enclosed heated parking garage, an outdoor heated swimming pool with sundeck and hot tub, picnic and grilling areas, a clubhouse, a business center, a game room, a fitness center with Yoga studio, a playground and a dog park.
Image courtesy of 500 Station website
