CIBC Bank USA Provides $81.8M Construction Loan For Mixed-Use Property In Chicago
160 North Morgan Street, Chicago, Illinois 60607, United States
$81,800,000
Units
282
Asset Type
Mixed-use
Closing
Mar 27, 2022
About this deal
AI
Located at 160 N Morgan in Chicago, this mixed-use property consists of 282 units. The transaction took place on March 28, 2022, and the property was purchased by Sterling Bay, represented by Andy Gloor.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $81,800,000
- Loan Type: Construction Loan
CIBC Bank USA provided a construction loan of $81,800,000 for the acquisition of the property. Sterling Bay, a Chicago-based real estate developer, acted as the landlord in the transaction, with Andy Gloor representing the company.
Players
Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93