KANSAS CITY, Mo. – February 14, 2022 – Berkadia announced today the financing secured for Edenbridge Apartments, a 309-unit midrise multifamily property in Tinley Park, Illinois, a suburb just outside of Chicago. Managing Director John J. Schorgl of Berkadia Kansas City secured the acquisition financing on behalf of the borrower, Illinois-based Artisan Capital Group. The deal closed on February 4.
The three-year bridge loan financed through Cohen & Company features a floating rate, is interest only and non-recourse.
“This is a great opportunity for both the sponsors and community as the apartment complex was in need of a few upgrades,” said Schorgl.
Located at 18134 S 66th Court, Edenbridge Apartments features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers, walk-in closets and air conditioning. Community amenities include a sundeck, a clubhouse, a playground and a swimming pool. Residents are afforded convenient access to the Tinley Park Convention Center and the shops and restaurants along Route 43 and Route 6.