CHICAGO and MILWAUKEE – June 13, 2022 – Berkadia announced today the sale of and financing secured for Mandalane, a 264-unit midrise multifamily property located in Wheeling, Illinois. Senior Managing Director Pete Evans of Berkadia Chicago and Senior Director Richard Evans of Berkadia Milwaukee completed the sale on behalf of the seller, Illinois-based VennPoint Real Estate, LLC, and the buyer, Ansonia Properties LLC, also based in Illinois. The deal closed on May 20.
“Mandalane Apartments is a perfect example of high quality, naturally occurring affordable workforce housing,” said Pete Evans. “The exceptional location and school district attracted buyers from across the country, including mission driven investors.”
Senior Managing Director Chris Blechschmidt and Director Emily Stang, also of Berkadia Chicago, secured the permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.
The sale of Mandalane marks the successful round-trip completion of VennPoint’s de-conversion of Pine Hill Condominiums. VennPoint purchased the individual condominiums in two large batches in 2018 and 2019 and quickly addressed long-deferred maintenance while making improvements to the property, including the amenities, common areas and several interior unit renovations.
“Mandalane was an ideal candidate for the buyer,” said Blechschmidt. “In partnership with Enterprise Community Investment, Inc., Ansonia was able to implement their voluntary strategy of creating and preserving affordability for a workforce tenant base. Freddie Mac was a great fit as their lender partner provided more favorable loan sizing parameters and pricing incentives in exchange for preserving affordability at the property for the life of the mortgage.”
Located at 450 Manda Lane, Mandalane features one- and two-bedroom floorplans with walk-in closets and private balconies or patios. Community amenities include a swimming pool, a fitness center, a clubhouse and a playground. Located on Route 83 between Lake Cook Road and Dundee Road, Mandalane offers convenient access to the great diversity of small private and large corporate employers in the dynamic North Suburban job market. This convenient location also allows the property to attract residents from additional major employment markets including the I-90 Corridor/Schaumburg office/industrial market to the southwest and the Rosemont/O’Hare market to the southeast.