Updated Dec 12, 2024
High Street Residential Secures $125M Construction Loan For Multifamily Project On W Carroll Avenue
1112 W Carroll Avenue
$125,000,000
Units
377
Asset Type
MultiFamily
Closing
Apr 27, 2023
About this deal
AI
The property involved in this transaction is a multifamily asset located at 1112 W Carroll Avenue in Fulton Market. It consists of 377 units, making it a significant addition to the market. The deal occurred on 04/27/2023.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $125,000,000
- Address: 1112 W Carroll Avenue
- Market: Fulton Market
- Units: 377
The lender in this transaction was Otera Capital, who provided a construction loan of $125,000,000. The landlord involved is High Street Residential, represented by Bob Sulentic. The broker who facilitated the deal was Ron DeVries from Integra Realty Resources.
Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93