Alliant Credit Union has closed a $39 million loan for the refinancing of a 300+ unit multifamily property located in Naperville, Illinois. Offering many lifestyle amenities including a pool and fitness center, the property has enjoyed occupancy of more than 90 percent with a diverse roster of tenants.
Located in the Naperville submarket, which reports stronger median household income, education levels and population growth than the overall Chicago metropolitan area, the apartment building provides easy access to Chicago job centers and surrounding commercial districts. This transaction was referred to Alliant by Brett Olson and Joe Lindberg at Grandbridge Real Estate Capital LLC.
“Alliant was pleased to provide this financing for a strong, well-respected Midwest sponsor group that has continued to support and operate this property for years,” said Tim Madigan commercial loan originator at Alliant Credit Union. “The property is truly differentiated from the competition in a solid submarket.”
The transaction comes on the heels of two recent multifamily closings in Texas, which together totaled $39 million. In November, Alliant announced the closing of a loan for the acquisition of an apartment community in Southwest Texas as well as the refinance of a student housing property in the Dallas-Fort Worth metropolitan area.
