BWE has secured $38.92 million to refinance 194 units of Woodland Park by the Lake, a 240-unit gated condominium community in the Bronzeville neighborhood of Chicago, Illinois.

Ryan Morris, vice president, and Max Miller, analyst, both in BWE’s Chicago office, originated the five-year Freddie Mac loan on behalf of the sponsor, a joint venture between a Chicago-based property management firm and a Chicago-based investor group. The joint venture originally acquired 170 units in the property in 2019 as part of a fractured condo deal, and since then, they have purchased more units and substantially renovated those homes. The refinancing accounts for 194 of the total 240 units.

“With its recent stabilization and the strong Chicago rental market, it was the ideal time to refinance so that our client can continue to acquire and renovate additional units in the property,” said Morris. Located at 3423 S Cottage Grove Avenue, Woodland Park by the Lake is a gated, seven-acre residential community.

Northlake Mall opened in 1971, and like most malls from that era, few are still open at designed. Online shopping and COVID have forced most to reinvent themselves. And few have been hit as hard as Northlake. The Charlotte Business Journal reports the mall is expected to sell for only $39 million; that’s $200 million less than it was purchased for just over 10 years ago. Starwood Capital Group acquired Northlake in 2014 for $248 million. Starwood has been in default since 2017 when it missed the mortgage payoff deadline on its $646.6 million loan. The mall has since gone into receivership.

The mall’s receiver, Spinoso Real Estate Group, recently entered into a purchase and sale agreement for the 1.06 million-square-foot, two-story mall at 6801 Northlake Mall Drive in north Charlotte. Hull Property Group and Racine Mall are the buyers. Hull Property Group’s portfolio includes malls in 16 states.

Hull would own the property itself, structures, improvements, permits, easements, roads, and leases. Anchor tenants include Macy’s, Belk, Dillards and AMC Theatres. As part of the sale, it could keep the Northlake name.