Where’s the Money?

Residents Left in the Dark: Noble Square Cooperative Refinancing Sparks Community Outcry

In the heart of our beloved Noble Square, where we pride ourselves on tight bonds and open communication, a recent refinancing transaction has left many of us feeling disheartened and disconnected. Our cooperative, home to 481 units at 1165 North Milwaukee Avenue, recently secured a substantial loan of $25,000,000 from Arbor Realty Trust, orchestrated by Geoffrey Platt.

The news of this significant financial move came as a surprise to many of us, as we were not consulted or even informed beforehand. In a community where decisions are typically made collaboratively and with input from all members, the lack of consultation struck a dissonant chord.

At the core of our cooperative values is the belief in democratic decision-making—where every voice matters and every perspective is considered. Yet, this recent transaction seemed to disregard those principles entirely. By excluding us from the decision-making process, our management missed out on valuable insights and concerns that could have enriched the decision.

We are not merely tenants; we are stakeholders in our community, with a vested interest in its well-being and future. It's disheartening to feel sidelined and disconnected from decisions that directly impact our homes and livelihoods.

In response, many of us are calling for change. We believe in a more inclusive decision-making process—one that values transparency, accountability, and, above all, the input of every member of our community. By fostering open dialogue and rebuilding trust, we can reaffirm the cooperative spirit that has always been the foundation of our Noble Square home.

As we navigate this challenging time, let us remember what makes our community special: our shared values, our tight bonds, and our commitment to each other. Together, we can work towards a future where every member's voice is heard and respected.