LaTerra Capital Management And Respark Residential Secure $104M Loan For Chicago Multifamily Portfolio

The asset involved in this transaction is a multifamily portfolio comprising 1,495 units located at multiple addresses including 1101-1181 South Eldridge Lane, 1 Elm Creek Drive, 1715 Chicago Avenue, 2233 South Highland Avenue, 2200 South Grace Street, 5140 South Hyde Park Boulevard, and 2850 Southampton Drive. These properties are situated in the markets of Elmhurst, Evanston, Lombard, Chicago, and Rolling Meadows. The total acquisition cost for this portfolio is $455 million, supported by a loan amount of $104 million in preferred equity.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $455,000,000
• Loan Amount: $104,000,000
• Units: 1,495
• Lender: Jonathan Roth, Justin Kennedy & Toby Cobb - 3650 Capital
• Landlord: Charles Tourtellotte - LaTerra Capital Management; Nicolas Weinstein - Respark Residential
• Market: Elmhurst, Evanston, Lombard, Chicago & Rolling Meadows
• Existing Financing: $308,000,000 with Fannie Mae
• Renovation Budget: $20,000,000

This transaction involves key stakeholders including LaTerra Capital Management, represented by Charles Tourtellotte, and Respark Residential, represented by Nicolas Weinstein. The financing was facilitated by 3650 Capital, with involvement from Jonathan Roth, Justin Kennedy, and Toby Cobb. The portfolio is noted for its high occupancy rate of nearly 95% in supply-constrained suburban areas around Chicago, where rent growth is exceeding that of most major U.S. markets.