Given the prevailing higher interest rate environment, Declaration Partners Real Estate (DPRE) has been focused on opportunities to provide “gap capital” to owners of properties who find themselves overleveraged and in need of capital for loan paydowns. To address this opportunity, DPRE engaged a leading national multifamily loan originator/servicer with the goal of providing preferred equity financing backed by interests in quality multifamily properties. In December, we closed on an investment to provide preferred equity financing in connection with the recapitalization of a high-quality apartment complex in suburban Chicago. The 364-unit Arden of Warrenville was completed in 2021 and was 95% occupied at the time of the investment.