Dealmaker: Eastern Union Secures $125M for Chicago Multifamily

(Image courtesy of Eastern Union)

Eastern Union, Howell, N.J., arranged a $125.25 million loan toward the acquisition of a multifamily high-rise in the O’Hare neighborhood of Chicago.

The loan for the five-building complex was secured by Eastern Union Senior Managing Director Michael Muller with support from Commercial Loan Analyst Mike Orlik.

At a sale price of $167 million, the transaction represented a 75% loan-to-cost ratio. Payments will be based on a 30-year amortization.  

The Pavillion, built between 1968 and 1972, features 1,115 units with 1,367 parking spaces and numerous amenities.

The borrower was Chicago-based R.I.G. Capital and the seller was Brookfield Asset Management. The financing was carried out as an agency execution through Managing Director Stephen York of Arbor Realty Trust of Uniondale, N.Y.