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National Home Rentals lands $150M loan for 31 properties
The mortgage from Morgan Stanley covers 12 Chicago properties and 19 in the suburbs
National Home Rentals secured a $150 million loan from Morgan Stanley Asset Funding for a suite of 31 properties around the city and suburbs.
Mortgage documents signed late last month list 12 addresses in Chicago and 19 others in suburbs including Arlington Heights, Tinley Park, Schaumburg and Country Club Hills, according to Cook County property records.
The Chicago-based developer and property manager does not list its entire portfolio online, but its website shows 53 apartments and single-family home rentals available around the Chicago region. Another two are available near St. Louis and three in Indianapolis, plus another 26 in Florida.
A representative of National Home Rentals did not respond to a request for comment Wednesday.
The Chicago-area rental market has drawn significant investor interest in recent years thanks to strong demands and solid rent growth, leading to a number of trades of large properties, developers launching new projects and buyers targeting condo buildings to turn into apartments.