LEM Capital Secures $27.5M Loan From Allstate Investments In Glenview Deal

The asset involved in this transaction is the Valley Lo Tower, a multifamily property located at 1900 Chestnut Ave, Glenview, IL, 60025. The property features 112 units consisting of 29 one-bedrooms, 30 two-bedrooms, and 53 three-bedrooms, with an average size of 1,800 square feet. The acquisition price for the property was $34.1 million.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $27,500,000.00
• Borrower: LEM Capital
• Lender: Allstate Investments
• Borrower's Representative: Matthew Schoenfeldt - JLL
• Seller: Michael K. Bloom
• Market: Glenview
• Date: 12/18/2018

In this transaction, Marquette Companies, based in Chicago, alongside Philadelphia-based LEM Capital, secured a $27.5 million loan facilitated by HFF's Matthew Schoenfeldt. The proceeds from the loan will be allocated towards both the acquisition of the 33-year-old Valley Lo Tower and substantial upgrades to the building, enhancing its value in the market.