Arrow Real Estate Advisors Arranges $53M Refinance for Illinois MF
Arrow Real Estate Advisors has arranged a $53 million balance sheet refinance for The Grove Phase I, a newly delivered 162-unit luxury multifamily property located at 8001 W. Belmont Avenue, River Grove, Illinois.
The transaction was led by Morris Betesh, Founder and Managing Partner, Omar Ferreira, Senior Vice President, and Jacob Petrovic, Associate, of Arrow Real Estate Advisors on behalf of Noah Properties. Wells Fargo provided the financing.
The Grove Phase I is a newly delivered luxury multifamily community totaling 276,018 gross square feet across 162 units. The property is in close proximity to major highways, Metra service, and O’Hare International Airport.
“We were pleased to secure a highly attractive fixed-rate balance sheet execution that positions the property and the sponsor well for the years ahead,” said Morris Betesh, Founder and Managing Partner of Arrow Real Estate Advisors.
Join us on Tuesday afternoon, June 2, 2026, at the Connect Midwest Multifamily Trends Conference as JDL Founder, Jim Leitchinger, is honored with the Changing Skyline Award, followed by an exclusive Keynote Interview. This is a rare opportunity to hear firsthand insights from one of the region’s most influential visionaries in multifamily development.
Other News
HSL Purchases 180-Unit Tucson Rental Community
HSL Properties paid $31.85 million for the Luma Apartments, a 180-unit project at 2600 W. Ina in Tucson, according to Real Estate Daily News. The sale comes out to just over $175,000 per unit. The seller was Village at The Foothills Owner LLC, of Beverly Hills, California, which can be traced to MC Residential in...
Learn more
ARCTRUST, Edison Equity Teaming Up on 175-Unit Austin-Area 55+ Community
ARCTRUST Private Capital and Edison Equity Residential broke ground on Serenova at Dripping Springs, a 175-residence, 55+ age-restricted community in Dripping Springs, Texas. The groundbreaking follows the August closing of the project’s construction loan, provided by North River Partners. This project follows the duo’s effort on Serenova at Woodforest, which broke ground in October 2025. Located adjacent to...
Learn more
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout