JLL arranged $17.345 million in financing for Iron Gate, a 180-unit fractured apartment and condominium community in the western Chicago suburb of Glen Ellyn, Illinois. JLL worked on behalf of the borrower, Bear Peak Capital, LLC, to arrange the three-year, floating-rate loan through Bridge Debt Strategies. Loan proceeds will be used to convert the remaining 50 condominiums into conventional multi-housing units.
Iron Gate is a 96 percent occupied community situated on 8.6 acres at 11 Briar Street near Metra’s Union Pacific West commuter rail line and IL-38, both of which provide direct access to downtown Chicago. The property consists of five two-story buildings with homes averaging 721 square feet along with 222 parking spaces. Community amenities include a swimming pool, playground, on-site laundry facilities and high-speed internet access. The conversion process will include various exterior and interior improvements.
The JLL Capital Markets team representing the borrower was led by managing directors Jason Bond and Trent Niederberger. The deal was secured by HFF prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.