Updated Mar 3, 2026
Noah Properties Secures $53 Million Refinance Loan From Wells Fargo For The Grove Phase I Apartment
8001 West Belmont Avenue
$53,000,000
Units
162
Asset Type
MultiFamily
Closing
Mar 3, 2026
About this deal
AI
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.
Players
River Grove MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93