CHICAGO – JLL announced today that it has arranged $17.345 million in financing for Iron Gate, a 180-unit fractured apartment and condominium community in the western Chicago suburb of Glen Ellyn, Illinois.

JLL worked on behalf of the borrower, Bear Peak Capital, LLC, to arrange the three-year, floating-rate loan through Bridge Debt Strategies. Loan proceeds will be used to convert the remaining 50 condominiums into conventional multi-housing units. The conversion process will also include various exterior and interior improvements.

Iron Gate is situated on 8.6 acres at 11 Briar Street near Metra’s Union Pacific West commuter rail line and IL-38, both of which provide direct access to downtown Chicago. The property consists of five two-story buildings with homes averaging 721 square feet along with 222 parking spaces. Community amenities include a swimming pool, playground, on-site laundry facilities and high-speed internet access. The property was 96% occupied at closing.

The JLL Capital Markets team representing the borrower was led by Managing Directors Jason Bond and Trent Niederberger.