Orion Residential refinances Mount Prospect apartment complex with $65M loan

Park Grove Apartments in Mount Prospect

Orion Residential took out a $64.9 million loan this month from CBRE Capital Markets for its 710-unit Park Grove Apartments complex in northwest suburban Mount Prospect.

The apartment owner and property manager arranged the loan through an LLC tied to Daniel Gumbiner, CEO of the Deerfield-based company, according to Cook County property records. But the LLC is controlled by a real estate trust that traces back to Lone Star Funds, a Texas-based private equity firm that specializes in distressed asset investing.

CBRE assigned the mortgage to Fannie Mae on the same day it was issued, records show.

The sprawling three-story apartment complex at 1821 West Golf Road includes one-bedroom and two-bedroom units with rents starting around $1,050, listings show.

Orion’s portfolio also includes apartment buildings in Arizona and Texas, plus a 13-story affordable complex at 171 West Oak Street in Chicago’s Gold Coast neighborhood.

A spokesperson for Lone Star Funds declined to comment on the loan Wednesday, and representatives of Orion Residential did not immediately respond to a request for comment.

Mount Prospect has seen its share of multifamily activity in the past year, including Florida-based Monument Capital Partners spending more than $90 million to acquire 731 units in the suburb during that time.

Last month, Standard Companies paid $30.2 million to buy the 197-unit Centennial Apartments in Mount Prospect as part of a $119 million, three-property deal with National Preservation Housing Partners.

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