Noah Properties has landed $62.5 million of lease-up financing for a newly built multifamily development in suburban Chicago, Commercial Observer has learned.

Walker & Dunlop Investment Partners (WDIP) originated the loan for 945 Nanusha Residences in Buffalo Grove, Ill. The deal refinances existing construction debt ahead of its temporary certificate of occupancy (TCO) , prior to the lease-up process. 

Arrow Real Estate Advisors negotiated the transaction with a team led by Morris Betesh and Jacob Petrovic. The refi was structured with an interest reserve through lease-up to finance remaining project costs and cover real estate tax and insurance expenses, according to Arrow. 

“WDIP stepped up on a pre-TCO takeout that materially reduces Noah’s cost of capital, carries the property all the way through stabilization on a single loan and closed in roughly 30 days from sign-up,” Petrovic, director at Arrow Real Estate Advisors, said in a statement.  

Betesh, founder and managing partner at Arrow, said Chicago and the Midwest have been “a core growth priority” for the brokerage this year, with 945 Nanusha Residences showcasing this conviction of “high-quality product in deep suburban submarkets.”

Located at 945 North Old Arlington Heights Road around 30 miles northwest of Downtown Chicago, 945 Nanusha Residences consists of 223 apartments across 231,970 gross square feet. Resident amenities include a courtyard, a swimming pool, cabanas, an outdoor grilling area, a rooftop lounge with fire pit, a fitness center and electric vehicle charging stations.

WDIP and Noah Properties did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.