Square Mile Capital Management LLC (Square Mile) has originated a $50 million mortgage on a multifamily property in suburban Chicago.
The five-year, floating rate loan to Stoneleigh Companies refinances the existing debt on the 17,200 sq ft One Arlington property in Arlington Heights, Illinois.
The lender and borrower emphasized how quickly the deal came together.
“The borrower had an immediate refinancing need in order to maintain project momentum,” said Matthew Drummond, principal at Square Mile, in a statement. “We were able to underwrite and close in just a short time.”
Rick Cavenaugh, president & CEO at Stoneleigh Companies, added. “Square Mile was able to offer us flexible terms beyond those available from regulated banks. Once the terms were set, the march to closing was extraordinarily efficient, taking approximately two weeks.”
One Arlington features 214 residential units and an attached 313-space parking garage. It represents the first phase of a master plan to promote development in the area surrounding the Arlington International Racecourse, a thoroughbred horse-racing track built in 1927.
The Arlington Downs master plan will include 12 retail buildings and 477 parking spaces encompassing 39,900 sq ft, according to the borrower.
Stoneleigh Companies is a multi-family investor and developer based in Barrington, Illinois operating 4,000 units nation-wide.