CHICAGO, IL – Walker & Dunlop, Inc announced it has completed $ 80,110,000 in funding for Ellyn Crossing, a newly renovated, garden-style apartment building with a total of 1,155 units. The property is located in Glendale Heights, Illinois, less than 30 miles from downtown Chicago.
The financing contract was completed on behalf of Rockwell Partners, a seasoned apartment building owner, a seasoned value-add investor and a regular Walker & Dunlop customer. Since acquiring the property, Rockwell has invested $ 4.5 million in unit refurbishments and $ 1.5 million in common room refurbishments. The loan provided $ 1,000,000 to complete renovations to the property. Rockwell will complete all renovations within six to nine months of the closure.
Headed by Pat Dempsey, Senior Managing Director, Walker & Dunlop arranged the loan through Freddie Mac's floating rate program. The team tried to maximize flexibility for the client by setting an attractive index rate, two-year interest payments and a flexible prepayment schedule. Mr. Dempsey said, "Rockwell is a leading provider of value-adding real estate. They masterfully put together an intricate broken condo project and converted it into a high quality garden-style community. The investments they made." in this vintage estate have defined it as a desirable place to live outside of Chicago's urban limits. "
Jason Fishleder, Principal of Rockwell commented, "Walker & Dunlop, led by Pat Dempsey, went beyond the traditional role of mortgage banking to provide advice and guidance throughout the 6 year process of buying, renovating and leasing 1,155 units . "
Ellyn Crossing was built in stages from 1973 to 1978. When Rockwell acquired units from 2014 to 2020, they renovated units and all common areas. The property has 30 buildings, all with three story walk-in buildings and enclosed stairs. The accommodations have open floor plans, patios or balconies, gourmet kitchens, and spacious closets. Communal facilities include a clubhouse and business center, activity room, fitness center, pool and sundeck, tennis court, sand volleyball court, playground, picnic areas, ample parking, and on-site administration and maintenance. All community facilities and equipment have been upgraded to Class B + standards.