$8,150,000
First Mortgage
Forest Park
Apartments
Forest Park, Illinois
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Suburban provided a first mortgage loan to the borrower with the proceeds being used to buy out existing partners and to refinance the existing debt on the property. The loan was a fixed-rate mortgage having a 10-year maturity with a 30-year amortization, and was priced at a fixed interest rate spread over the 10-Year U.S. Treasury Bond Index.
Forest Park Apartments is a 146-unit mid-rise apartment complex, which was built in 1969. The property offers studio and one-bedroom units with on-site management, private parking, on-site laundry facilities, balconies or patios, and intercom entry. The property is located in the village of Forest Park , in the western portion of Cook County , Illinois . Forest Park is predominantly residential community which is conveniently located to not only downtown Chicago which is approximately 10 miles to the east, but also to the area’s airports as O’Hare International Airport is 10 miles southeast of the subject neighborhood and Chicago Midway Airport is 10 miles to the north.
Suburban was able to structure this loan so that the general partner was able to buy out the other owners and take a majority ownership interest in the property. The loan was also structured to overcome the sponsor’s historical credit problems.
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