CLK Properties Lands $115M Refinancing for Record-Breaking Chicago Rental Community

CLK Properties obtains $115M in Freddie Mac refinancing for Courtlands on the Park, a 918-unit Des Plaines community and the largest condo deconversion in U.S. history.

By: AXL Media

Published: Mar 11, 2026, 5:54 AM EDT

Source: https://www.multihousingnews.com/

A Historic Condo Deconversion Strategy

The refinancing represents the culmination of a high-stakes redevelopment strategy initiated by CLK Properties in 2019. Originally a sprawling condominium complex, CLK acquired the asset using a bridge loan and spent the period between 2021 and 2023 transitioning the 153-building campus into a unified rental community. This "deconversion" process is notoriously complex in Illinois due to strict ownership threshold requirements, making the scale of this 918-unit project an industry benchmark for adaptive residential reuse.

Asset Scale and Recent Modernization

Located on more than 33 acres at 10020 Holly Lane, Courtlands on the Park is a low-density residential hub featuring one- and two-bedroom floorplans ranging from 450 to 950 square feet. Following the deconversion, the apartments underwent a comprehensive renovation program to align the interiors with modern Class A/B+ rental standards. The property’s vast footprint supports over 1,160 parking spaces and extensive common-area infrastructure, including a clubhouse, multiple outdoor courtyards, and a dedicated pet park.

Strategic Logistics and Retail Connectivity

The community’s value is underpinned by its proximity to major Chicago infrastructure. Situated just nine miles from O’Hare International Airport and 22 miles from downtown Chicago, it serves as a primary workforce housing option for the airport's massive logistics and aviation employee base. The site offers immediate access to Interstate 294 and is within walking distance of the Golf Mill shopping center, one of the region's largest retail destinations.