The Grove of Peoria

John Marr
Senior Vice President

Alliant Capital LLC Completes Refinance of Peoria, Illinois Community - Strong occupancy in tough market improves transaction process   
 
Stamford, Conn. – May 28, 2009 — Alliant Capital LLC, a leading debt and equity financier and Fannie Mae DUS® lender for the multifamily industry, today announces an $8.7 million refinance of The Grove of Peoria, a 318-unit garden style apartment community in Peoria, Ill. The DUS refinance includes a 5.39 percent interest rate, five-year term with four and a half year yield maintenance and a 75 percent loan to value ratio.
 
“The Grove of Peoria is an anomaly in the current Chicago market. With no population growth and an economy dealing with massive job losses, the area’s apartment market has taken a hit,” said John Marr, senior vice president of Alliant Capital’s Stamford office and originator of this transaction. “However, The Grove is highly competitive and was able to increase rents across the board in 2009. In today’s economy, this couldn’t have been a more straight forward and simple transaction.”
 
Located roughly midway between Chicago and St. Louis, Peoria’s market has remained steady in large part to its big city assets with small-town lifestyle. The area is home to Caterpillar which employs nearly 85,000 people worldwide and nearly 16,000 in the Peoria area and Bradley University which has a student population of approximately 20,000. The city is also home to five major hospitals and is the health care center for the region accounting for 25 percent of the area's economy. The Grove reports a stable occupancy history and has maintained its strongest rental rates during this difficult economy. As of March 25, 2009, the community reported a 93.1 percent occupancy rate, representing 22 vacant units, 14 notices to move and 18 deposits received, bringing the net occupancy rate to 94.3 percent. 
 
The Grove of Peoria is a quiet, well maintained community with large, well appointed units offered at competitive rents.