The Lynd Group, a national multifamily development, investment and management company, secured $66 million in refinancing for one of its premier rental communities in suburban Chicago, strengthening the property’s balance sheet and positioning the asset for long-term performance.
The refinancing repays the project’s construction loan and replaces it with a new financing package consisting of a $58 million Barclays-originated CMBS senior loan and an $8 million mezzanine loan provided by Ghisallo Capital, which retired the project’s government-backed bonds and simplified the capital stack.
The 224-unit Willow Glen, developed by Lynd Development in partnership with West Point Builders, is in the Village of Willow Springs, approximately 25 miles southwest of downtown Chicago. Construction was completed in 2023.
The new financing provides ample runway for the asset to execute its business plan amid a stabilizing rental market.
“This refinancing reflect
