Silvestri Acquires Mixed-Use Property On North Michigan Avenue In Chicago For $94M
737 North Michigan Avenue, Chicago, Illinois 60611, United States
$94,000,000
$479/SF
Building Size
196,000 SF
Asset Type
Mixed-use
Closing
May 16, 2022
About this deal
AI
The mixed-use property located at 737 North Michigan Avenue in Chicago has been sold in a recent transaction. The property, with a total square footage of 196,000, was sold by UBS Realty Investors. The buyer, Silvestri Investments represented by Dan Silvestri, acquired the property for a sale price of $94,000,000. The transaction has taken place on 05/17/2022.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $94,000,000
- Address: 737 North Michigan Avenue, Chicago
- Square Footage: 196,000
Dan Silvestri, representing Silvestri Investments, was the buyer in this transaction. They successfully negotiated the purchase of the property from UBS Realty Investors. No additional information is available regarding the deal.
Players
Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93