R.I.G. Capital has secured a $125.25 million loan to finance the acquisition of The Pavilion, a 15-story, 1,115-unit multifamily high-rise located at 5441 N. East River Road in the O’Hare neighborhood on Chicago's far-northwest side.
Situated on an 18.1-acre parcel, The Pavilion has a gross building area of 1.15 million square feet and a net rentable area of 886,137 square feet. It was built between 1968 and 1972. With 1,367 parking spaces, the property's amenities include a club building, swimming pool, spa, sauna, fitness center and barbecue area. The property was 96 percent occupied at the time of closing.
The seller was Brookfield Asset Management. The financing was carried out as an agency execution through Arbor Realty Trust.
At a sale price of $167 million, the transaction represented a 75 percent loan-to-cost ratio. Payments will be based on a 30-year amortization.
The loan was secured by Eastern Union.
