Square Mile Capital Management announced this week that it has originated a $50 million whole loan to refinance One Arlington, a luxury multi-family property located in Arlington Heights, Illinois. The loan to the project sponsor, Stoneleigh Companies, LLC, was used to refinance existing debt.
One Arlington is a luxury multifamily adaptive reuse conversion of a former Sheraton Hotel. The conversion was completed in June 2015 and is the newest luxury residential community in Chicago's northwest suburbs. The property features 214 residential units, 17,200 square feet of ground floor retail space and an attached 313-space underground parking garage.
Square Mile Principal Matthew Drummond commented, "This was a unique investment opportunity that came together very quickly for us. The One Arlington asset represents the first phase of an exciting master planned urban re-development overlooking the Arlington Park race track. The borrower had an immediate refinancing need in order to maintain project momentum, and we were able to underwrite and close in just a short time."
Stoneleigh President & CEO Rick Cavenaugh said, "Square Mile was able to offer us flexible terms beyond those available from regulated banks. Once the terms were set, the march to closing was extraordinarily efficient, taking approximately two weeks."