Pillar Arranges $9.4M Loan for Apartment Property in Hinsdale, Ill.

CHICAGO — Pillar has arranged a $9.4 million loan with Freddie Mac for the Hidden Lakes of Hinsdale Apartments, a 105-unit multifamily property located in the Western suburbs of Chicago. The fixed rate, 10-year loan includes a 30-year amortization schedule. Joe Markech and Brooke Jackson of Pillar’s Chicago origination team arranged the loan. Hidden Lakes of Hinsdale Apartments was built in 1971 and purchased by Pillar’s client in 2007. Upon acquiring the property, the sponsor invested $1.3 million to upgrade all units and the exterior of the property, which is 100 percent leased at market rates. The borrower is a local owner/operator of multifamily properties.