Cantor Fitzgerald, BH Equities pay $78M for Aurora apartment complex

Investors landed a $51 million Freddie Mac loan

Nov.November 20, 2019 01:00 PM
1847 Clubhouse Drive, Cantor Fitzgerald CEO Howard Lutnick and BH Equities CEO Harry Bookey

1847 Clubhouse Drive, Cantor Fitzgerald CEO Howard Lutnick and BH Equities CEO Harry Bookey

A partnership between Cantor Fitzgerald and BH Equities paid nearly $80 million to acquire a sprawling housing complex in Aurora, The Real Deal has learned.

To finance the acquisition, Cantor Fitzgerald and operating partner BH Equities landed a $51 million loan from Freddie Mac, according to Newmark Knight Frank, which brokered the debt deal through its capital markets division.

The seller was the Connor Group, which paid $62 million for the 386-unit property known as “Aurora Summerfield” in 2015. Cantor Fitzgerald and BH Equities paid the Connor Group $78 million for the complex, roughly $212,000 per unit.

The Aurora units range from $1,200 for a one-bedroom to $1,800 for a three-bedroom, according to listings on Zillow. The pet-friendly property, located at 1847 Clubhouse Drive, includes a 24-hour gym and a pool.

The Aurora complex is considered an “attractive” asset to the new ownership due to the efficient upkeep of the property and the location of the development, said Henry Stimler, Newmark’s multifamily managing director. Aurora is located right off the I-88 corridor with access to multiple Fortune 500 companies, hospitals and parks.

Newmark represented both the buyer and seller in the transaction.

Related Articles

Airbnb CEO Brian Chesky with Pride Fest and Lollapalooza (Credit: Getty Images, North Halstead)

Chicago Airbnb hosts heads-up: Pride Fest, Lollapalooza among top-earning weekends

Renderings of The 12 development at 2500 W. Lexington St,

With over 50 homes in the pipeline, developer rebrands area “the New West”

Frank Lloyd Wright and (from top) 301 S. Kenilworth Ave., Elmhurst; 239 Franklin Street, Glencoe; and 350 Fairbank Road, Riverside (Credit: Getty Images, iStock)

In Chicago’s residential market, the price is not Wright

Alderman Harry Osterman (48th) and a coach house in Dunning (Credit: Zillow)

Chicago may allow more granny flats amid affordability crisis

Developer Sam Goldman and an original rendering of the apartment building at 7000 N. Glenwood Ave. 

To avoid rezoning battle, developer cuts Heartland Cafe redevelopment plans in half

Dr. Kam Patel and 400 W. Huron tower

Can a $10M condo — not in No. 9 Walton — find a buyer?

The Atworth at Mellody Farm and Passco CEO William O. Passo

In a tight market, California investor pays $90M for suburban rental complex

2308 W. Giddings Street and "Windy City Rehab" stars Alison Victoria and Donovan Eckhardt (Credit: HGTV)

Buyers to “Windy City Rehab”: Take back this broken $1.36M house