Broadshore Capital lands big refinance on 612-unit rental complex in Palatine

Hunt Real Estate Capital provided the debt on Bourbon Square Apartments

TRD CHICAGO /
Jan.January 09, 2020 01:00 PM
Co-CEOs Bleecker P. Seaman III, and Bradford W. Howe with Bourbon Square Apartments in Palatine

Co-CEOs Bleecker P. Seaman III, and Bradford W. Howe with Bourbon Square Apartments in Palatine

Broadshore Capital Partners snagged a $69 million refinance on one of the largest apartment complexes in the northwest suburbs.

Hunt Real Estate Capital provided financing on the 612-unit Bourbon Square Apartments at 500 East Constitution Drive in Palatine, property records show. The 42-acre complex was built in 1987. The three-story buildings include one-, two- and three-bedroom units.

Los Angeles-based Broadshore Capital formed at the end of 2018, from a merger of partners Lowe Enterprise Investors and the Guardian Life Insurance Company of America. The company manages more than $2 billion in a variety of real estate investments on behalf of public pension funds, insurance companies and investors. Its portfolio includes 38 multifamily properties across the U.S., according to its website. Broadshore Capital owns two other properties in the Chicago area, one in St. Charles and the other in Glenview, said CEO Bradford Howe.

Lowe Enterprises acquired Bourbon Square for about $97 million in 2014. Hunt provided a nearly $68 million loan for that purchase. The seller on that deal was a joint venture of Naperville-based Marquette Companies and Bahrain-based investment group Arcapita Group. The partnership paid $78 million for the complex in 2006, and had intended to convert it to condominiums. But that plan failed, according to Crain’s.

Another planned conversion from condos to apartments in Palatine that didn’t work out happened in 2018, involving the 700-unit Woods at Countryside. VennPoint Real Estate attempted to buy the condo complex for $49 million, but a group of owners sued, saying it was worth more than $70 million.


Related Articles

arrow_forward_ios
Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

7250 S. Shore Drive and 6752 S. Michigan Avenue

Financially-distressed housing nonprofit selling 13 South Side properties

The former McDonald's headquarters building in Oak Brook (foreground) and a rendering of the new HQ (Credit: NAI Hiffman, iStock)

Suburban office market still scuffling amid companies migrating to city

628 Harrison Street and 922 North Boulevard in Oak Park (Credit: Google Maps, Realtor.com)

Two condo deconversions close in Oak Park

Old home being torn down (Credit: iStock)

Chicago suburb wants to issue $3,500 fines for teardowns

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

Home sales fell 7.6 percent year-over-year in November (Credit: iStock)

Buyers in the Chicago area remain on the sidelines

arrow_forward_ios
Loading...