BWE closes more than $60 million in multifamily and commercial loans in Illinois and Minnesota
Bellwether Enterprise Real Estate Capital LLC announced the closing of five loans totaling more than $60,238,000 to finance three multifamily properties, one multi-tenant retail property, one single-tenant retail property and one multi-tenant office building in Illinois and Minnesota.
Senior Vice President Lucas Goring in BWE’s Minneapolis office, originated the loan deals for Fleet Farm and Cedar Square and Oakwood Court Apartments. Assistant Vice President Ryan Morris in BWE’s Chicago office, originated the loan deals for East West Corporate Center and Addison Mall. Executive Vice President Dan Rosenberg and Assistant Vice President Matt Terpstra also in BWE’s Chicago office, originated the loan deal for Coeval.
The Illinois properties are:
East West Corporate Center (Naperville), a $10,780,000 bridge loan for a two-building, multi-tenant office property located at 1751-1771 West Diehl Road. Morris originated the financing for the 225,000 square foot property. The loan allowed the client to acquire the property and finance future costs related to lease-up, as well as tenant rollover.
Addison Mall (Chicago), a $7,250,000 life insurance refinancing for a two-building, multi-tenant strip retail property located at 2901-2947 West Addison Street in Chicago’s North Center neighborhood. Morris originated the financing for the 68,000 square foot property, which has a strong operating history and is highly visible. The refinancing provided the long-term owner, First American Properties, with a competitive ten-year, fixed rate loan, which allowed the client to refinance their maturity debt and provide leasing costs funds for recently executed new leases.
Coeval (Chicago), a Fannie Mae refinancing of for the recently built 199-unit luxury high rise located at 51 E 14th Street in Chicago’s South Loop neighborhood. The financing was originated on behalf of the borrower, CMK Companies, by Rosenberg and Terpstra. Coeval, completed in 2019, offers a range of luxury amenities, including a rooftop patio, fitness center, clubhouse and a dog spa. The loan refinanced CMK Companies’ existing construction debt and lowered the developer’s cost of capital.
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