Barings Provides Financing for Recapitalization of The 450 in Greater Chicago

CHARLOTTE, N.C., April 28, 2022 /PRNewswire/ -- Barings, one of the world's leading investment managers, announced today that it has provided a $67 million financing package for the recapitalization of The 450, a newly constructed 256-unit multifamily asset in Lombard, IL.

A joint venture between UrbanStreet Group and Atlas Residential completed the $67 million recapitalization.

"We are excited to partner with UrbanStreet Group and Atlas Residential to recapitalize a new, high quality multifamily property located in the western suburbs of Chicago," said Nicole Pecoulas, Managing Director with Barings. "This investment is another example of Barings' value-add real estate investment strategy, which focuses on superior assets in leading markets."

The financing from Barings has a three-year term and includes funding to complete lease-up to stabilization. Chicago's Emerald Isle Investment Partners advised the sponsorship on the financing.

The 450 offers top-of-the-line amenities including a fitness center, yoga studio, great room, business center, package room with cold storage, heated underground parking, resort style pool, outdoor grilling, fire pit, pet park, and electric charging stations. Unit amenities include in-home smart technology, stainless/energy-efficient appliances, quartz countertops, soft-close cabinetry, private balcony or patio, oversized walk-in closets, and in-unit full size washer/dryer.

Barings is a $371+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of March 31, 2022

Contact 

[email protected]

22-2165688

SOURCE Barings

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