Mandalane

Mandalane

Wheeling, Illinois
264 units

Ansonia acquired and is renovating this 264-unit mid-rise community in a JV with an institutional equity partner. Mandalane offers a job-rich location served by top-rated schools in Chicago’s prosperous north suburbs. Ansonia de-risked the business plan by self-imposing a middle-income affordability restriction on a portion of the property in return for favorable loan terms from Freddie Mac. The value-add plan encompasses unit renovations and creating a community “commons” with gathering spaces, outdoor kitchen, recreational areas and a dog park.