BH Equities and Cantor Fitzgerald just secured a fat mortgage refinancing for a suburban apartment complex in Naperville.
Newmark Knight Frank facilitated the $61 million fixed-rate loan. Freddie Mac provided the 10-year structured debt.
The Class A, 417-unit property, known as Railway Plaza, is a transit-oriented suburban apartment complex. It was built in 2000 and located next to the Route 59 Metro Station.
Units on the property range from $1,200 to about $2,500. There are about 40 units currently listed for rent, according to online listings.
The suburban market has been strengthening due to a low supply of suburban housing options and record demand in 2019. Big refinancings like this one and suburban sales such as the $90 million sale of the Atworth in Vernon Hills are healthy signs for the suburban market.
In November last year, BH Equities and Cantor Fitzgerald picked up an Aurora apartment complex for $78 million. Freddie Mac provided a $51 million loan for that property as well.