Horizon Realty secures $30M in refinancing for two rental buildings

The firm also has plans for a senior living high-rise in Evanston

From left: Nelson Gonzalez, Riley Smith, Jill Hertzberg, Dora Puig, Jim McCann and Dina Goldentayer
The Covington at 4600 North Clarendon Avenue in Sheridan Park, one of the 2 properties that were refinanced. (Credit: Rent Cafe)

UPDATED, Sept. 4, 3:30 p.m.: Horizon Realty Group secured a $30 million refinancing for a pair of apartment buildings in Sheridan and Buena Park, according to records.

Wells Fargo provided the debt, with $18.45 million for the Covington in Sheridan Park and $11.6 million for Buena Terrace in Buena Park.

Horizon bought the Covington at 4600 North Clarendon Avenue in 2007 for $13.5 million and Buena Terrace at 4242 North Sheridan Road for $6.7 million in 2002.

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The funding deal comes as Horizon struggles to get a proposed 240-unit senior living development passed in downtown Evanston, which the town’s Design and Project Review Committee tabled in mid-July with concerns including parking and bike storage. The Horizon high-rise is not on the agenda for tomorrow at the City of Evanston Design & Project Review committee meeting.

Horizon has been buying up properties in the area, with at least nine other locations including the Uptown Regency, the Sheridan Plaza, the Edge @ Sheridan, and Kenmore Place. Horizon’s 19-story senior living development would be further north than this cluster of developments.

Earlier this year, Horizon proceedings were overshadowed by a $400,000 legal dispute over the failed sale of an Elmhurst apartment.

Correction: A previous version of this article misidentified Horizon’s owner.