Finance N Illinois

NKF arranges financing of 417-unit asset in suburban Chicago

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Newmark Knight Frank Multifamily (NKF) announced the financing of Railway Plaza, in Naperville, Illinois, a transit-oriented suburban multifamily property completed in 2000 adjacent to the Route 59 Metro Station. The firm represented buyers BH Equities and Cantor Fitzgerald with a structured debt loan of $61,073,000.  

A team consisting of executive managing director Bill Weber, managing director Henry Stimler and vice president Daniel Sarsfield of NKF's Multifamily Capital Markets group worked with the lender, Freddie Mac, to finance the 10-year, fixed-rate loan of $61,073,000 on behalf of the buyer, Cantor Fitzgerald, and operating partner BH Equities.

"This acquisition on behalf of BH Equities and Cantor Fitzgerald showcases the strength of the multifamily market in growing areas across the country," said Stimler. "Multifamily properties like Railway Plaza that are well-maintained and well-located continue to be a strong choice for institutional investors looking to expand their portfolio of properties."

Railway Plaza is a garden-style, Class A, 417-unit property encompassing 13 three-story buildings. The property features a mix of one-bedroom and two-bedroom units as well as a renovated club room featuring a 24-hour fitness center, lounge, resort-style outdoor swimming pool and sundeck, outdoor grilling stations and a fire pit.