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Knighthead Funding refinances Cerca apartments near Chicago with $32M loan
The $32 million refinance replaces a prior construction facility and clears a preferred equity investor, according to the lender.
Knighthead Funding has arranged a $32 million loan to refinance Cerca, a newly built 62-unit multifamily property in Glenview, Illinois, Commercial Observer reported.
The article said the Cerca community opened in June and that the refinancing repaid the property’s previous construction facility and paid off its preferred equity investor, according to Knighthead Funding.
Commercial Observer also reported that the 1850 Glenview Road site is about 19 miles north of downtown Chicago and offers access to the Glenview Metra station, and that the project includes amenities such as a fitness center, conference rooms, a dog spa, and grilling stations.
The lender added that the property includes 6,886 square feet of ground-floor retail space, and Knighthead principal Jonathan Daniel described the refinance as a flexible solution for The Drake Group’s property.