Latest news with #Oakbrook
Finextra
20-06-2025
- Business
- Finextra
Oakbrook taps Experian ReFi tech for new personal loan
Oakbrook and Experian have launched OakbrookOne, a new type of personal loan designed to make borrowing simpler, fairer, and more accessible – particularly for those traditionally underserved by mainstream credit. 0 It helps eligible customers bring their debts together into one manageable payment, with the process handled seamlessly in the background. Developed using Experian's ReFi™ technology, the digital journey is quick and straightforward. Currently, over 40% of customers taking out an OakbrookOne loan on the Experian Marketplace have had their debts settled and funds paid out the same day. 2 The product has already soft-launched on the Experian Marketplace and is now being rolled out more widely. The launch marks a significant milestone in a six-month collaboration between the two organisations, focused on using data and technology to drive financial inclusion. The partnership was born out of a shared commitment to address the UK's widening credit gap. Since late 2024, Oakbrook and Experian have worked together to pilot ReFi™ technology with real customers. Over the past six months, Experian and Oakbrook have delivered over £5 million in lending through ReFi™. This partnership comes at a time when the FCA has called on lenders to 'step up' and fill the void left by market exits. OakbrookOne is a direct answer to that call - a product that works for both lender and borrower, backed by data, and built for impact. Claire Smith, Head of Marketing at Oakbrook, added: 'ReFi™ is helping us approve more applications in a way that's smarter, safer, and more affordable. We've already helped thousands of people save money and reduce their debt burden, and this is just the beginning. OakbrookOne is a gamechanger and together with Experian, we're setting a new standard for inclusive lending.' Jake Ranson, ReFi™ Managing Director at Experian, commented: 'OakbrookOne is a breakthrough for financial inclusion in the UK. By harnessing the power of our ReFi™ technology, we're enabling access to credit for people who've traditionally been left behind. The results speak for themselves - better-performing loans, lower interest rates, and real savings for consumers.' References: 1. Source: Experian marketplace data, 2nd May 2025. A typical customer taking out a ReFi enabled loan on the Experian credit comparison marketplace has saved over £5,000 in interest over the term of a 36-month loan 2. Experian marketplace data from 10.06.25 that reported 1,000 completed Oakbrook loans with 400 (40%) being settled with funds paid out on the same day.
CBS News
28-05-2025
- General
- CBS News
I-88 ramp to Route 83 closed for days after semi-truck crash in Oakbrook, Illinois
The I-88 ramp to Route 83 in Oakbrook, Illinois, is closed after a semi-truck damaged a support beam on Tuesday night. According to Illinois State Police, a commercial truck hauling an excavator attempted to go under the bridge just after 7 p.m. when it damaged the overpass. Illinois State Police said the truck damaged a support beam, impacting the ramp's structure. Repairs to the ramp are expected to take several days. Story update: Word from ISP is that the WB88 ramp to SB83 will stay closed for several days while repairs are made to a support beam damaged by an excavator on a trailer after 7 pm yesterday. (Photo Captured News for CBS). Use Spring Rd/22nd exit More at — Kris Habermehl (@KrisHabermehl) May 28, 2025 It is not clear if anyone was injured in the crash. This is a developing story. CBS News Chicago will continue to provide updates when new information becomes available.
Yahoo
14-05-2025
- Business
- Yahoo
Neighbors mixed on proposed Evanston tower that would rival suburbs' tallest buildings
An Evanston developer is facing community pushback after proposing a 31-story, 333 foot tall apartment building that would rank third tallest in suburban Chicagoland. The proposed residential tower would have the same number of floors as suburban Chicago's tallest building, Oakbrook Terrace Tower in DuPage County, though that building rises 418 feet, according to information from Shawn Ursini of the Council on Tall Buildings and Urban Habitat. The proposed highrise, which aligns with Mayor Daniel Biss' goal to increase housing density in Evanston, is also notable becuse it includes dramatically fewer parking spaces than is typical for the suburbs. There would be 80 on-site spaces for 445 apartments. The developer suggested using an estimated 120 parking spots in nearby city-owned garages, but so far that remains only a suggestion. Representatives from Chicago based co-developers Vermilion Development and Campbell Coyle shared with neighbors proposals of their 605 Davis Street high rise, at the northwest corner of Davis Street and Chicago Avenue, at a ward meeting on April 29. The developers anticipate the development, on two currently vacant lots, will also help the city's goal of raising property tax revenue for the land parcels by millions of dollars. The proposed building's height would put it under the suburbs' second-tallest building, Two Pierce Plaza in Itasca, at 395 feet, but much taller than Evanston's existing tallest buildings: Orrington Plaza at 277 feet, Sherman Plaza at 276 feet, Optima Views at 265 feet and One Rotary Center at 237 feet tall, per information from the Council on Tall Buildings and Urban Habitat. The community meeting, hosted by Councilmembers Clare Kelly (1st) and Jonathan Nieuwsma (4th), was attended by about 50 residents at the main branch of the Evanston Public Library. The majority of residents offered a mix of reasons as to why the project should not move forward, including parking troubles, traffic troubles and a potential 'wind tunnel' effect that could strengthen winds, making downtown harder for pedestrians to walk. The project had some support at the meeting from Evanston's commercial partners. 'We should be welcoming this type of development. We should be working with them,' said Andy Vick, the executive director of the Downtown Evanston Merchants Organization. Evanston resident Tina Paden said the development will not benefit most Evanstonians, particularly Black families. 'Let's be real, that this building is for Northwestern students,' she said. 'I live down the street from (housing developments) E2 and The Link. I do not see Black families with three or four children walking out of the building. They are Northwestern students. You are coming here for opportunity to make big, giant dollars from Northwestern students. You do not care about Evanston residents.' As proposed by developers, the building's 445 residential units will mostly be studio, one-bedroom and two-bedroom units, according to Dickson. The development is proposed to have 20%, or 89, of them marketed as affordable units, which is 5% more than the city's inclusionary housing ordinance requires. Plans call for the development to have three storefronts. Luay Aboona, principal at traffic consulting firm KLOA, Inc., said the development is not likely to increase traffic in a significant way in the immediate area of the development. Kerry Dickson, managing director of Vermilion Development, said the developers hope to negotiate a lease with city-owned parking lots on Church Street and Davis Street for residents to park their vehicles there. The city could net an additional $172,000 in renting out parking spaces needed by the development's residents, he said, estimating that an additional 120 vehicles will need parking. Dickson said the site at 605-609 Davis Street now houses two vacant lots and is in blighted condition. The Davis Street development isn't the only high rise project in the works in Evanston. Last September, two developers proposed a 27-story apartment building also in the downtown area at the current Church Street Plaza. That development is anticipated to have 358 units, and is also asking the city for variances in its zoning code to have a lower number of parking spaces. Property tax breaks Jonathan Perman of Jasculca Terman Strategic Communications, a spokesperson hired to represent the development, said that because the 605 Davis Street development offers 20% of its units to be rented at an affordable rate, a state statute makes discounts available in the developer's property tax bill. Called Affordable Illinois when it was signed into law by Gov. JB Pritzker in 2021, the state law makes housing developments in certain areas of Cook County eligible for a significant property tax break, in the form of lowered assessments, available for 30 years, as long as they also provide 20% of their housing units to be rented at affordable rates, among other requirements. For the first 12 years after the development is complete, the building owner will pay 60% or less of the building's assessed property tax value. For the 18 years after that, they will pay 80% of the assessed value. After that time period is over, the property tax bill must be paid in its entirety. At the meeting, Councilmember Kelly said the 30 years of property tax discounts would essentially be a forfeiture from the city to the developer. Perman took a different emphasis, characterizing the property tax bill the developers will be paying, stating that after 12 years, the city of Evanston would be reaping an estimated $2.7 million instead of the $21,450 it is getting now for the undeveloped property. .
Chicago Tribune
14-05-2025
- Business
- Chicago Tribune
Neighbors mixed on proposed Evanston tower that would rival suburbs' tallest buildings
An Evanston developer is facing community pushback after proposing a 31-story, 333 foot tall apartment building that would rank third tallest in suburban Chicagoland. The proposed residential tower would have the same number of floors as suburban Chicago's tallest building, Oakbrook Terrace Tower in DuPage County, though that building rises 418 feet, according to information from Shawn Ursini of the Council on Tall Buildings and Urban Habitat. The proposed highrise, which aligns with Mayor Daniel Biss' goal to increase housing density in Evanston, is also notable becuse it includes dramatically fewer parking spaces than is typical for the suburbs. There would be 80 on-site spaces for 445 apartments. The developer suggested using an estimated 120 parking spots in nearby city-owned garages, but so far that remains only a suggestion. Representatives from Chicago based co-developers Vermilion Development and Campbell Coyle shared with neighbors proposals of their 605 Davis Street high rise, at the northwest corner of Davis Street and Chicago Avenue, at a ward meeting on April 29. The developers anticipate the development, on two currently vacant lots, will also help the city's goal of raising property tax revenue for the land parcels by millions of dollars. The proposed building's height would put it under the suburbs' second-tallest building, Two Pierce Plaza in Itasca, at 395 feet, but much taller than Evanston's existing tallest buildings: Orrington Plaza at 277 feet, Sherman Plaza at 276 feet, Optima Views at 265 feet and One Rotary Center at 237 feet tall, per information from the Council on Tall Buildings and Urban Habitat. The community meeting, hosted by Councilmembers Clare Kelly (1st) and Jonathan Nieuwsma (4th), was attended by about 50 residents at the main branch of the Evanston Public Library. The majority of residents offered a mix of reasons as to why the project should not move forward, including parking troubles, traffic troubles and a potential 'wind tunnel' effect that could strengthen winds, making downtown harder for pedestrians to walk. The project had some support at the meeting from Evanston's commercial partners. 'We should be welcoming this type of development. We should be working with them,' said Andy Vick, the executive director of the Downtown Evanston Merchants Organization. Evanston resident Tina Paden said the development will not benefit most Evanstonians, particularly Black families. 'Let's be real, that this building is for Northwestern students,' she said. 'I live down the street from (housing developments) E2 and The Link. I do not see Black families with three or four children walking out of the building. They are Northwestern students. You are coming here for opportunity to make big, giant dollars from Northwestern students. You do not care about Evanston residents.' As proposed by developers, the building's 445 residential units will mostly be studio, one-bedroom and two-bedroom units, according to Dickson. The development is proposed to have 20%, or 89, of them marketed as affordable units, which is 5% more than the city's inclusionary housing ordinance requires. Plans call for the development to have three storefronts. Luay Aboona, principal at traffic consulting firm KLOA, Inc., said the development is not likely to increase traffic in a significant way in the immediate area of the development. Kerry Dickson, managing director of Vermilion Development, said the developers hope to negotiate a lease with city-owned parking lots on Church Street and Davis Street for residents to park their vehicles there. The city could net an additional $172,000 in renting out parking spaces needed by the development's residents, he said, estimating that an additional 120 vehicles will need parking. Dickson said the site at 605-609 Davis Street now houses two vacant lots and is in blighted condition. The Davis Street development isn't the only high rise project in the works in Evanston. Last September, two developers proposed a 27-story apartment building also in the downtown area at the current Church Street Plaza. That development is anticipated to have 358 units, and is also asking the city for variances in its zoning code to have a lower number of parking spaces. Property tax breaks Jonathan Perman of Jasculca Terman Strategic Communications, a spokesperson hired to represent the development, said that because the 605 Davis Street development offers 20% of its units to be rented at an affordable rate, a state statute makes discounts available in the developer's property tax bill. Called Affordable Illinois when it was signed into law by Gov. JB Pritzker in 2021, the state law makes housing developments in certain areas of Cook County eligible for a significant property tax break, in the form of lowered assessments, available for 30 years, as long as they also provide 20% of their housing units to be rented at affordable rates, among other requirements. For the first 12 years after the development is complete, the building owner will pay 60% or less of the building's assessed property tax value. For the 18 years after that, they will pay 80% of the assessed value. After that time period is over, the property tax bill must be paid in its entirety. At the meeting, Councilmember Kelly said the 30 years of property tax discounts would essentially be a forfeiture from the city to the developer. Perman took a different emphasis, characterizing the property tax bill the developers will be paying, stating that after 12 years, the city of Evanston would be reaping an estimated $2.7 million instead of the $21,450 it is getting now for the undeveloped property. .
