Tucker Development And Wingspan Development Group Secures $133 Million Loan For Multifamily Property In Skokie
5424 Old Orchard Road
$133,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 10, 2026
AI
The Henry at Harms Woods is a 294-unit Class A multifamily property located at 5424 Old Orchard Road in Skokie, Illinois. The asset, which includes retail space, has undergone a recapitalization with a loan amount of $133,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $133,000,000
- Units: 294
- Address: 5424 Old Orchard Road
- Market: Skokie, IL
- Landlords: Richard Tucker - Tucker Development, Nick Papanicholas Jr - Wingspan Development Group
- Brokers: Daniel Rosenberg & Logan Petersmeyer - BWE
- Loan Type: Recapitalization
The financing, arranged by BWE, was provided by an institutional bank lender. This arrangement aims to lower the project's capital costs while the development continues its lease-up process towards stabilization.
Players
Market 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
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93