Noah Properties Secures $53 Million Refinance Loan From Wells Fargo For The Grove Phase I Apartment

The Grove Phase I apartment project, located at 8001 West Belmont Avenue in River Grove, is a 162-unit multifamily development spread across 22 acres. The property has undergone a refinancing of $53 million through Wells Fargo, a fixed-rate loan aimed at enhancing its financial structure. The location is approximately 13 miles from Downtown Chicago.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $53,000,000
• Loan Type: Refinance
• Lender: Wells Fargo
• Landlord: Bart Przyjemski - Noah Properties
• Brokers: Morris Betesh, Omar Ferreira, and Jacob Petrovic - Arrow Real Estate Advisors
• Units: 162
• Acres: 22

This refinancing deal for The Grove was facilitated by Arrow Real Estate Advisors, with engagement from key brokers Morris Betesh, Omar Ferreira, and Jacob Petrovic. Noah Properties, under the leadership of Bart Przyjemski, marked a significant step in the management of their asset in the competitive River Grove market.