Golub and Wood are negotiating to secure equity financing with three firms, including a multi-family fund that has agreed to underwrite the project and whose investment committee has approved the proposal, said Michael Glazier, a partner in Lake Street Investors and senior vice president of development for Golub.
The multi-family fund, which has requested anonymity, reviewed the project and is interested in investing, Glazier
and Wood are waiting only for a list of the specific terms of the package, he
"They have to issue a term sheet and it has to be agreed to by us as to their commitment the project," Glazier
"They're in the process of finishing that."
declined to predict an outcome, but seemed confident the partners will meet Oak Park's
Feb. 28 deadline.
"If it didn't look good, we would throw in the towel," he
has told Oak Park officials verbally that he
believes the group will be able to meet the deadline, village Business Services Manager Loretta Daly said in a memo presented to the Village Board Monday.
Equity financing is "at-risk money" provided by an institutional investment firm that will earn a profit if the project succeeds, Glazier
"It involves institutional investors like insurance companies and pension funds," he
"It's a very vigorous process.
They have to be satisfied with the parameters that go into this."
The equity investors co-invest as joint partners, but do not take part in the development process, Glazier
"We are all collectively at risk," he