Eyzenberg & Company structured and placed a $28 million bridge loan for Woodland Ridge Apartments on behalf of the owner, SSIL II, LLC, a partnership comprising Auerbach Funds and Sinatra & Company Real Estate. The 32.5-acre, 304-unit garden apartment community is located at 3421 Foxboro Drive in Woodridge, Illinois, a southwestern suburb of Chicago.
The commercial real estate investment bank’s president, David Eyzenberg, managing director, Jeff Conti, and associate, Diana Davidson, placed the loan with Hunt Mortgage Group, working with director Marc Suarez.
“As a result of ownership’s investment in renovations to date and improved operating results, Eyzenberg & Company was able to secure an immediate partial cash-out, as well as a future funding earn-out structure,” said Eyzenberg.
The financing enabled the partnership to pay off its initial acquisition loan and allocate additional monies for the continued renovation of the Class B property’s apartments and common areas. Also, the clubhouse will be improved with a suite of amenities, including a full kitchen and game room, cyber café, grilling stations, laundry lounge, a new 24-hour fitness center and more. The capital improvement plan entails building upgrades such as a brand new pitched roof, new patio doors and windows and air conditioning replacement as well.
“This was a nuanced and complicated project that required a great deal of expertise and teamwork,” said Peter Auerbach, founder and CEO of Auerbach Funds. “The Hunt and Eyzenberg teams did an exceptional job on the execution side, as did Janis Schiff and Marjorie Gannett from Holland and Knight on the legal side. We look forward to more transactions with David and the Eyzenberg team.”
Woodland Ridge Apartments comprises six buildings totaling 216,800 square feet. To the west of the site is the Greene Valley Forest Preserve. Approximately 1.6 miles to the east is I-355, the north/south artery running through Woodridge, which leads to I-55, a major highway that connects to Chicago.