BWE has arranged a $133 million first mortgage loan to recapitalize The Henry at Harms Woods, a newly completed multifamily community with ground-floor retail in Skokie, Illinois, located roughly 12 miles north of Chicago.
The property totals 294 residential units and includes approximately 8,000 square feet of retail space on the ground floor, combining multifamily housing with neighborhood-serving commercial uses.
The recapitalization financing was sourced from an institutional bank lender. According to BWE, the new first mortgage allows the sponsorship to reduce its cost of capital relative to the original construction financing while preserving the flexibility needed to advance lease-up and move the asset toward stabilization.
The financing was arranged by BWE Executive Vice President Daniel Rosenberg, who works out of the firm's Chicago and South Florida offices, together with Assistant Vice President Logan Petersmeyer. The team represented the sponsorship group in securing the bank loan.
The sponsor is described as a joint venture between Tucker Development and Wingspan Development Group. BWE arranged the recapitalization on behalf of this partnership, which is leading the execution of the business plan for The Henry at Harms Woods.
Rosenberg noted that BWE was also involved in assembling the original construction financing capital stack for the project. He commented that seeing The Henry at Harms Woods reach the recapitalization milestone following construction completion underscores the property's progress toward stabilization.
The Henry at Harms Woods was completed in late 2025. The community is composed of 245 luxury apartment homes along with 49 for-rent townhomes, each of the townhomes including attached two-car garages. This mix of apartments and townhomes positions the property to appeal to a range of renters within the Skokie market.
With the new first mortgage in place, the ownership group transitions from construction financing to longer-term, lower-cost bank debt while continuing to lease up the property's 294 units and activate its ground-floor retail component.
