Goel Investments, a privately held family office led by Amit Goel, landed a $130M loan to refinance 500 Station Apartments, a 417-unit multifamily community in Aurora.
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An affiliate of Bridge Investment Group originated the loan in early July and is packaging the debt into a $915M collateralized loan obligation, according to a presale report from Fitch Ratings.
The mortgage on 500 Station returns about $1.4M in equity to Goel Investments with a maturity date of August 2028 and an option to extend through August 2030.
The debt refinances a $130M mortgage on the building from lender MF1 that initially matured last year.
Goel, who developed the property in 2016, couldn't immediately be reached for comment.
The mortgage was sold into the CLO by BDS V Loan Seller LLC, an entity that appears tied to Bridge Debt Strategies Fund V LP, a private credit fund launched by Utah-based Bridge in 2023. Bridge raised $2.9B for its fourth debt fund in 2022, but a Securities and Exchange Commission filing from June 12 shows that the fifth fund sold just $62.6M of a $2.5B offering.
The loan to 500 Station is the largest in the CLO, titled BDS 2025-FL15. When analysts from Fitch inspected the property last month, occupancy was at 95.4%, and they reported that management is focusing on maintaining high occupancy through October using $500 leasing concessions.
About 33% of tenants utilize Section 8 vouchers, and plans for the property include potentially increasing that percentage to 50% for “income reliability and community benefit,” according to Fitch.
The community features a suite of amenities including a pool, a fitness center, a pet washing station, bocce courts and a golf simulator. The business plan for the property is to continue increasing rents, stabilize expenses and ultimately refinance the loan with permanent financing, according to Fitch.
Aurora apartment rents have gone up nearly 50% over the past decade, compared to 35% rent growth for the Chicago metro area, Fitch analysts wrote.
The property was appraised at a value of $178M, with an estimated net cash flow of $8M. Fitch said that after the refinancing and cash-out, Goel will have no equity left in the deal.
Goel Investments has more than 20 completed real estate projects across asset classes, according to the report. This includes the 239-unit Rosenwald Court Apartments in Chicago, the 256-unit Courthouse and Walthall Lofts in Jackson, Mississippi, and the 527-unit Mississippi Gulf Coast Affordable Portfolio in Gulfport, Mississippi.
