GRAYSLAKE, IL According to Avison Young, its debt, joint venture and structured capital team has arranged $34 million in acquisition financing for Grays Pointe Apartment Complex, a 396-unit apartment complex located at 1900 Country Dr. The property includes 301 rental units and 95 condominiums.
The Avison Young team of principal Justin Piasecki and senior associate Ethan Blum secured the loan from a lender advised by Pine River Capital Management on behalf of Strategic Properties of North America. Strategic Properties will implement a range of property improvements.
“There are certain challenges inherent in arranging financing for a property of this type, as it contains both rental units and condominiums, but we were able to work with the borrower to overcome these hurdles,” said Piasecki. “By leveraging our wide range of industry contacts, we found a lender that recognized the strength of the sponsor’s business plan, and was able to provide floating-rate financing to facilitate the acquisition. This capital will enable Strategic Properties to invest significantly in building improvements, enhancing the property and increasing its cash flow.”
Gray’s Pointe Apartment Complex is an attractive multifamily community with numerous amenities, including a swimming pool, recreational facilities, and an on-site property manager. Its location near U.S. 45 and Route 120 provides residents with a range of retail and dining options.
A northern suburb of Chicago, Grayslake is located in Lake County, near the Illinois-Wisconsin border. The village boasts a superior school system and several Metra stations, providing easy access to Chicago.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises more than 2,100 real estate professionals in 75 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
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