BWE, a national commercial and multifamily mortgage banking company, announced today that it has successfully secured $38,920,000 to refinance 194 units of Woodland Park by the Lake, a 240-unit gated condominium community with standout amenities in the Bronzeville neighborhood of Chicago, Illinois.
Ryan Morris, vice president, and Max Miller, analyst, both in BWE’s Chicago office, originated the five-year Freddie Mac loan on behalf of the sponsor, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal, and since then, they have purchased more units and substantially renovated those homes. The refinancing accounts for 194 of the total 240 units in Woodland Park by the Lake.
“Because of our long-term relationship with the sponsor, we were well acquainted with this exceptional property and saw just how much care went into revitalizing and transforming it inside and out. With its recent stabilization and the strong Chicago rental market, it was the ideal time to refinance so that our client can continue to acquire and renovate additional units in the property,” said Morris. “BWE continues to utilize its comprehensive suite of capital solutions to deliver financing results that best align with the business plans of our partners.”
Located at 3423 S Cottage Grove Avenue, Woodland Park by the Lake is a gated, seven-acre residential community featuring lush green space, privacy, and proximity to major Chicago transit options. On-site amenities, which have been substantially improved since the sponsor first invested in the property in 2019, are extensive and include the flagship three-acre private park/botanic garden, off-leash dog playground and dog wash station, children’s playground and adult fitness park, organic herb and tomato gardens, barbecue and picnic facilities, on-site maintenance crew, internet lounges, and more. In-unit amenities in renovated units include quartz countertops, Bosch and Samsung appliances, new light fixtures, new millwork, stainless steel closet organizers, wide-plank engineered wood flooring, and new cabinetry.
Situated in the culture-rich Bronzeville neighborhood, Woodland Park by the Lake features convenient access to the CTA Green and Red Lines, bus routes, and bike lanes. The property is 400’ from the 35th Street Pedestrian bridge, connecting it to the Chicago lakefront.