JLL Closes on Sale, Fannie Mae Financing,Greater Chicagoland
JLL closed the $25.7-million sale and $20.56-million financing of Central Park and Governor’s House Apartments, totaling 316 units and located in the south suburban communities of Park Forest and University Park, respectively. The firm’s David Gaines, Wick Kirby, Mark Barnes and Kevin Girard marketed the properties on behalf of the seller, a joint venture between Buligo CapitalPartners and Ferndale Realty Group.
Bender Companies purchased Central Park Apartments for $17.4 million and Governor’s House Apartments for $8.3 million. JLL’s Jason Bond and Trent Niederbrger worked on Bender’s behalf to originate the 10-year, fixed-rate acquisition loans of $13.92 million and $6.643 million, respectively, through Fannie Mae. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Fannie Mae DUS lender.
Both communities are approximately 30 miles south of downtown Chicago and are convenient to the I-57-corridor, which houses a high concentration of logistics, technology and manufacturing companies.
Pictured: Downtown Park Forest, IL.
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