Arrow Real Estate Advisors has arranged a $53 million balance sheet refinance for The Grove Phase I, a newly delivered 162-unit luxury multifamily property located at 8001 W. Belmont Avenue, River Grove, Illinois.
The transaction was led by Morris Betesh, Founder and Managing Partner, Omar Ferreira, Senior Vice President, and Jacob Petrovic, Associate, of Arrow Real Estate Advisors on behalf of Noah Properties. Wells Fargo provided the financing.
The Grove Phase I is a newly delivered luxury multifamily community totaling 276,018 gross square feet across 162 units. The property is in close proximity to major highways, Metra service, and O’Hare International Airport.
“We were pleased to secure a highly attractive fixed-rate balance sheet execution that positions the property and the sponsor well for the years ahead,” said Morris Betesh, Founder and Managing Partner of Arrow Real Estate Advisors.
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