Sunday, October 14, 2018

HFF announces sale of and financing for 258-unit apartment community in suburban Chicago


Stone Crossing Apartments, 1240  Nantucket Road, Aurora, IL

David Gaines
CHICAGO, IL– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for Stone Crossing Apartments, a 258-unit apartment community in the Chicago suburb of Aurora, Illinois.

The HFF team marketed the property exclusively on behalf of the seller, a partnership between Graycliff Capital Partners, LLC, Buligo Capital Partners and The Ferndale Realty Group, and procured the buyer, Cunat Inc. 

 Additionally, HFF worked on behalf of the new owner to secure a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, which currently manages over $12 billion of assets under management.

Stone Crossing Apartments is located at 1240 Nantucket Road approximately two miles south of Interstate 88 and three miles from downtown Aurora. 

Sean Fogarty
The property’s location offers accessibility to suburban Chicago’s major employment corridors, as well as leading regional healthcare providers and multiple retail and entertainment amenities. 

Stone Crossing consists of three two-story townhome buildings comprising three-bedroom units averaging more than 1,200 square feet each and two three-story apartment buildings comprising a mix of one- and two-bedroom apartment units averaging more than 760 square feet.

Cunat Inc. acquired Stone Crossing as a value-add opportunity with plans to completely upgrade, renovate and re-brand the community under the new name, Arbor West.  Cunat Inc. will renovate unit interiors, demolish the current community buildings, and build a new leasing office, clubhouse and indoor pool. 

The parking lot and landscaping will also be rehabbed, which will reposition the property into a new class of apartments in Aurora.  Home and property amenities currently include white kitchen cabinetry with brushed nickel hardware, tile backsplashes in the kitchen and an outdoor picnic area with grills.  The community was 97 percent occupied at closing.

Trent Niederberger
The HFF investment advisory team representing the seller included senior director David Gaines and senior managing director Sean Fogarty.

HFF’s debt placement team representing the borrower included senior directors Trent Niederberger and Jason Bond.

Graycliff Capital Partners is a real estate investment company focused on pursuing value-add investments in high-growth markets.  

Graycliff’s principals bring over 119 years of combined experience in capital markets, construction and property management to every investment strategy pursued by the firm. 
 To date, the firm has raised over $230 million in equity for $800 million in real estate transactions that encompass 7,449 units managed across 36 properties.

Buligo Capital Partners is a global real estate investment firm that provides investors with the opportunity to invest globally alongside experienced operators.  

Jason Bond
With offices in Israel and the United States, as well as strategic partnerships worldwide, Buligo is able to offer its clients a broad range of investment options for different risk profiles while providing portfolio diversification across geographies and currencies.

The Ferndale Realty Group is a Boulder, Colorado-based real estate investment company focused on the acquisition and ongoing operations (through a licensed real estate company) of apartment communities throughout the United States.

Founded by Brian and John Cunat in 1976, Cunat Inc. has developed, acquired, rehabilitated, operated and managed dwelling rental property throughout the Midwest for over 40 years.

 Cunat Inc.’s investment strategy is anchored in the repositioning of undervalued properties and operating them under the firm’s in-house property management division.

John Cunat
Cunat’s in-house Asset Acquisition, Asset Reconstruction and Asset Management teams work closely to identity properties that fit the company’s value-enhancement profile and develop strategic plans for the rehabilitation and long-term stabilization of each investment.


CONTACTS:

DAVID GAINES
IL Lic. #475.137087
HFF Senior Director
(312) 528-3650

TRENT NIEDERBERGER
IL Lic. #475.153065
HFF Senior Director
(312) 528-3682

JASON BOND
IL Lic. #475.159000
HFF Senior Director
(312) 528-3650

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500


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