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MonticelloAM closes $29M bridge loan for McHenry, Illinois apartments
The $29 million bridge loan has a 24-month initial term with three 12-month extension options to fund the property purchase and renovations.
MonticelloAM, together with a firm affiliate, closed a $29 million bridge loan tied to the acquisition of an apartment complex in McHenry, Illinois, according to ConnectCRE.
The deal was brought to MonticelloAM by Trent Niederberger of JLL Chicago, and MonticelloAM Senior Managing Director Darryl Myrose worked with the JLL Chicago team on loan origination.
The financing will be used to purchase the property and support the sponsor’s renovation plan, with Cunat Inc., a privately held real estate firm, set to carry out the upgrades.
Fawn Ridge Apartments is described as a garden-style multifamily property with 208 units across nine buildings in northwest Chicago, and the loan includes a 24-month initial term plus three 12-month extension options.