Arrow Real Estate Advisors Arranges $50M Refinance for Illinois Apartments
Arrow Real Estate Advisors, a real estate finance advisory firm, has arranged a $50 million bridge refinance on behalf of Noah Properties for the Novú Apartments, a newly completed 192,000-square-foot, 180-unit luxury multifamily community located at 6633 N. Milwaukee Avenue in Niles, Illinois.
The financing, provided by Walker & Dunlop Investment Partners, replaces the project’s original construction financing, offering the sponsor additional terms and flexibility through lease-up. Arrow Real Estate Advisors’ Morris Betesh, Founder and Managing Partner, Omar Ferreria, Senior Vice President, and Jacob Petrovic, Associate, arranged the financing.
“This financing reflects our continued focus on supporting strong sponsors like Noah Properties as they deliver transformative projects, and positions Novú for long-term success,” said Morris Betesh, Founder and Managing Partner of Arrow Real Estate Advisors.
Developed by Noah Properties, Novú Apartments represents the first true Class-A multifamily community in the Village of Niles. Positioned along the North Branch of the Chicago River, Novú delivers high-end finishes, spacious layouts, and a comprehensive amenity suite designed to meet the expectations of today’s renters.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout