CREW Chicago Members Close a Portfolio of Six Illinois Apartment Properties
 

December 14, 2020
Written by: Ann-Makir Magloire, CREW Fort Lauderdale/Boca Raton
124-130 Washington Boulevard, Oak Park, Illinois

CREW Chicago members Jeanne Peck and Joanne Campanile met at a CREW luncheon and throughout the years have participated in many events and programs together, including the annual CREW Chicago Industry Leadership Achievement Award Dinner. This event celebrates high-profile women in real estate, and Campanile was involved with scholarships while Peck concentrated on organizing the event.

Peck, Principal of Darrow Peck Investments and Consulting, and Campanile, Senior Vice President at Byline Bank, both have a deep interest in affordable housing and have been active in multifamily finance for several years. When Peck was advising her client, Oak Park Residence Corporation (OPRC), on the acquisition and financing of six apartment buildings, she connected with Campanile for assistance.

Through previous discussions about affordable housing, Peck knew Campanile would understand and appreciate OPRC’s status as a non-profit organization committed to providing affordable housing.

Originally, OPRC chose another bank to finance the 170-unit portfolio deal. There was a hiccup with documents from the previous bank, leading Peck and the client to circle back to Campanile, who was inspecting another project out of state at the time.

“We were able to put something together over the phone, while [I’m] sitting out in a parking lot.” Campanile said.

Several weeks later the deal was approved and closed.

“Joanne performed so well,” Peck said. “Her efforts highlighted the relationship she wanted to create with the borrower.”

The financing was seamless with the objectives of the borrower. Campanile understood the business line because she handles the bank’s Community Redevelopment Act (CRA) business, which is important for bank growth.

“She sold the vision of the borrower.” Peck said. The structure worked so well for OPRC. This was a 10-year, fixed-rate loan with other favorable terms that OPRC appreciated.

“It was important to me personally as well as the bank,” Campanile said. Campanile also serves on the CRA committee for the bank—all banks are required to invest in activities that give back to the community. “This deal certainly qualified for that.”

“Each time I learned something [from speaking with Campanile],” Peck said. Campanile’s attention and guidance were helpful on other deals for OPRC that she didn’t quote because they did not fit her bank’s investment profile. “Knowledge is the real strength of our network. Never be afraid to pick up the phone to talk to your fellow CREW members.”


Project lead:
 
Jeanne Peck
 

Jeanne Peck
Darrow Peck Investments
 

Additional CREW members involved in this project:
 
Joanne Campanile
 

Joanne Campanile
Byline Bank
 


Ann-Makir Magloire
 

Ann-Makir Magloire is a Brokerage Coordinator with Cushman & Wakefield’s South Florida Multifamily Team. She also chairs Cushman & Wakefield’s Women’s Integrated Network (WIN) in South Florida. WIN’s mission is to develop and support the talents of women team members by providing a platform that values diverse perspectives and leverages leadership skills to benefit the firm, clients and the industry. Magloire is also CREW Fort Lauderdale/Boca Raton member and serves on the 2020 CREW Network Communications and Editorial Committee.

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