Nuveen Real Estate Buys Mixed-Use Property In Bolingbrook For $93.5M
308 Woodcreek Dr, Bolingbrook, IL, 6...
$93,500,000
Units
789
Asset Type
Mixed-use
Closing
Nov 20, 2023
About this deal
AI
Riverstone Apartments is a 789-unit affordable housing community located at 308 Woodcreek Dr, Bolingbrook, IL. The property underwent significant redevelopment between 2005 and 2007 and boasts amenities such as a clubhouse, outdoor pools, fitness centers, volleyball and soccer courts, a media center, playground, business center, and dog park.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $93,500,000.00
- Market: Bolingbrook
- Seller's Representative: Marty O'Connell (JLL)
- Brokers: Marty O'Connell (JLL)
- Buyer: Nuveen Real Estate
- Seller: Jackson Square Properties
Doug Childers, Michael Fox, and Marty O'Connell from JLL represented the seller, Jackson Square Properties, in the transaction. The buyers, Alliant Strategic Investments and Nuveen Real Estate, secured a $60.8 million Freddie Mac acquisition loan with the assistance of Paul Smith and CW Early from JLL Real Estate Capital LLC. The buyers have committed to maintaining the affordability requirements on all units through 2036.
On the Map
$93,500,000
Mixed-use
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Bolingbrook Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93