Oak Park Residence Corporation News Release
FOR IMMEDIATE RELEASE
August 4, 2020
Byline Bank’s Commercial Real Estate Group provides financing to the Oak Park Residence Corporation for the acquisition of six new properties on the east side of Oak Park.
CHICAGO, IL – Byline Bank’s Commercial Real Estate Group (BCREG) announced that it has provided $12.8 million in financing to The Oak Park Residence Corporation (OPRC) for its acquisition of a portfolio of affordable housing properties located on the east side of Oak Park, bordering Chicago’s Austin neighborhood. Byline provided favorable fixed-rate financing for a 10-year term with an interest rate swap to OPRC.
This project will provide key access to affordable housing and continue to revitalize the surrounding neighborhoods in both Oak Park and Austin. OPRC was a customer of Community Bank of Oak Park River Forest (CBOPRF) for nearly 22 years and remained a customer after the acquisition of CBOPRF by Byline Bank.
“Byline was extremely competitive regarding their lending terms, which was central to making this transaction work for us”, said David Pope, President and CEO of the Oak Park Residence Corporation. “Perhaps even more importantly, however, it was also very clear that they really cared deeply about supporting the affordable housing work that we do, and, remarkably, they bent over backwards to help us shepherd this transaction through to close during the height of the COVID-19 pandemic. We can’t thank John, Joanne, and the entire Byline team enough for their continued belief and commitment throughout this challenging time,”
“As a 25-year resident of Oak Park and River Forest, I am proud that Byline could support OPRC and its mission of providing quality rental housing at an affordable price,” stated John M. Barkidjija, EVP of Byline Bank.
“We are excited to finance this latest OPRC transaction in the communities Byline serves,” said Joanne Campanile, Senior Vice President of BCREG.
About Byline Commercial Real Estate
Byline Bank’s Commercial Real Estate Group (BCREG), headquartered in Chicago, IL, provides commercial real estate financing secured by properties in the Chicagoland area as well as loans throughout the United States for Chicago based sponsors and other Byline customers. Since 2014, BCREG has closed over $1bn of loans for its target market, focusing on multi-family (including student housing), industrial, retail and office properties. For more information visit: www.bylinebank.com/commercial-real-estate.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bancorp, Inc. is the parent company for Byline Bank, a full-service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $6.4 billion in assets and operates more than 50 full-service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top five Small Business Administration lenders in the United States. For more information, visit: www.bylinebank.com.
About the Oak Park Residence Corporation
The Oak Park Residence Corporation is a community-based, non-profit housing development corporation founded in 1966. The OPRC aims to promote Oak Park as a diverse and economically integrated community by providing high-quality rental housing at an accessible price. The corporation carries out its mission by acquiring older multifamily buildings, rehabilitating them into assets that can contribute to their neighborhoods, as well as providing management services. For more information, visit https://www.oakparkrc.com/
For more information please contact:
Joanne Campanile, Senior Vice President
Commercial Real Estate