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Torchlight Announces $80 Million Loan For The Refinance Of A Class-A Chicago Multifamily Property

NEW YORK - April 12, 2017 - Rezul -- Torchlight Investors today announced that it has provided $80 million of senior and mezzanine financing to recapitalize, lease-up and stabilize a newly built, Class-A, 417-unit apartment complex located in Aurora, Illinois.

The five-building complex offers an urban living community experience with well appointed one, two, and three-bedroom apartments. The apartments have open-air kitchens, walk-in closets, exterior storage rooms, and private balconies or roof terraces.  Each luxury unit includes nine-foot ceilings, stainless steel appliances, quartz countertops, USB ports and access to high speed internet.

Additional community amenities include an enclosed heated parking garage, an outdoor heated swimming pool with sundeck and hot tub, picnic and grilling areas, putting green, clubhouse, business center, game room, fitness center with Yoga studio, playground, bocce courts, and a dog park.  A local shuttle connects the property to the Route 59 commuter rail station, which offers express service to central Chicago in approximately 40 minutes, making the luxury complex easily accessible for commuting.

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The property is situated in a centralized location of Aurora, conveniently located directly north of the Fox Valley Mall, which features more than 150 retail stores. It is in close proximity to key roadways including Route 59 with a high concentration of national retailers, and I-88, the main thoroughfare between Chicago and the suburbs.  While accessible to major roadways, the community is surrounded by residential townhomes, ponds and parks, and is home to several top rated schools. The property is also proximate to Naperville, one of the most eclectic neighborhoods in the Chicago suburbs, offering numerous dining and shopping options.

"The apartment complex, located just 30 miles outside of central Chicago and proximate to the Route 59 Metra Station, features best-in-class finishes and amenities with convenient access to shopping, restaurants and highly rated schools. We are excited about the opportunity to work with an experienced developer in the growing Aurora market." said Greg Dineen, Senior Vice President at Torchlight.

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About Torchlight

Torchlight Investors is an independent investment advisor, focused on commercial real estate investments.  Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments. Torchlight has over $4.0 billion of assets under management. Torchlight's affiliate, Torchlight Loan Services, is the named special servicer on $16.1 billion in CMBS and manages over $907 million of distressed commercial real estate loans.

Jennifer Yuen

Source: Torchlight Investors

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