Redwood Capital Pays $91M for Suburban Chicago Property

Redwood Capital | December 16, 2019

Redwood Capital Group has acquired Deer Park Crossing, a 236-unit luxury community in the Chicago suburb of Deer Park, Ill. Yardi Matrix data shows REVA Development Partners sold the Class A property for $90.5 million and the buyer used a $54.3 million loan from MetLife. The sale marks the second transaction between REVA and Redwood within the last 18 months. The first one closed in October 2018 and involved a 231-unit luxury community in Orland Park, Ill. Completed in 2018, the community consists of seven two-story townhomes and three four-story apartment buildings spread across more than 11 acres. The unit mix features one- to three-bedroom floorplans averaging 1,252 square feet. Amenities include a clubhouse, media lounge, fitness center, swimming pool, dog park and bocce ball court. The LEED Gold-certified property was 91.5 percent occupied as of October, per Yardi Matrix data.

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