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CEDARst Cos. Refinances Duncan Apartments With $44M CMBS Loan In Chicago

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FINANCED
$44,000,000

Illinois

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MultiFamily
Financed 03/06/2024
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FINANCED

CEDARst Cos. Refinances Duncan Apartments With $44M CMBS Loan In Chicago

1515 West Monroe Street

See Similar Deals
MultiFamily
Financed 03/06/2024
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Loan

The multifamily property located at 1515 West Monroe Street in Chicago consists of 260 units. The property was refinanced with a $44 million CMBS loan from Citigroup. The loan features a fixed interest rate of 6.67 percent over a five-year term.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $44,000,000
  • Market: Chicago
  • Lender: Citigroup
  • Landlord: Will Murphy - CEDARst Cos.
  • Broker: Berkadia
  • Loan Type: Refinance
  • Loan Terms: 6.67 percent fixed interest rate over a five-year term

CEDARst Cos. arranged the refinancing of Duncan Apartments in Chicago with the $44 million CMBS loan from Citigroup, facilitated by Berkadia. Following the property's redevelopment in 2020, the real estate firm fully repaid a $51.5 million mortgage from ACRE and obtained additional equity from a Midwest-based family office.

Players

Citibank
Citibank
LENDER

Details

FINANCED
IMAGE: Will Murphy DATE: 03/06/2024 ADDRESS: 1515 West Monroe Street MARKET: Chicago ASSET TYPE: Multifamily ~ UNITS: 260 LENDER: Citigroup (@Citi) LANDLORD: Will Murphy - CEDARst Cos. BROKER: Berkadia (@Berkadia) LOAN AMOUNT: $44,000,000 LOAN TYPE: Refinance LOAN TERMS: fixed interest rate of 6.67 percent over a five-year term NOTE: CEDARst Cos. refinanced Duncan Apartments in Chicago with a $44 million CMBS loan from Citigroup arranged by Berkadia, featuring a fixed 6.67 percent interest rate over five years. The Chicago-based real estate firm completed the 260-unit apartment complex's redevelopment in 2020, fully repaying a $51.5 million mortgage from ACRE and securing additional equity from a Midwest-based family office.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$44,000,000.00

Monthly NOI$293,333.33
Monthly Debt Service$278,109.93
Change in Cash Flow$0.00
Refinance Proceeds$0.00