Noah Properties Secures $62.5 Million Refinancing for Buffalo Grove Multifamily Development

Noah Properties has secured $62.5 million in lease-up financing for its newly constructed 945 Nanusha Residences, a multifamily development located in Buffalo Grove, Illinois. Walker & Dunlop Investment Partners (WDIP) originated the loan, which is designed to refinance existing construction debt before the property receives its temporary certificate of occupancy (TCO) and begins the lease-up phase.

The transaction was negotiated by Arrow Real Estate Advisors, with a team led by Morris Betesh and Jacob Petrovic. The financing package includes an interest reserve, intended to cover remaining project costs, real estate taxes, and insurance expenses throughout the lease-up period. According to Petrovic, this pre-TCO takeout significantly reduces Noah Properties' cost of capital and provides a single loan solution to carry the property through stabilization.

The 945 Nanusha Residences, situated at 945 North Old Arlington Heights Road, is approximately 30 miles northwest of Downtown Chicago. The development features 223 apartments spread across 231,970 gross square feet. Resident amenities include a courtyard, swimming pool, cabanas, an outdoor grilling area, a rooftop lounge with a fire pit, a fitness center, and electric vehicle charging stations. This deal underscores a focus on high-quality product in suburban submarkets, a core growth priority for Arrow Real Estate Advisors in the Midwest.