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Will Murphy Of CEDARst Companies And Albert Rabil Of Kayne Anderson Real Estate Secure $91.05M Loan For Millie On Michigan In Chicago
FINANCED
$91,050,000
Illinois
See Similar DealsMultiFamily
Financed 09/22/2025
FINANCED
Will Murphy Of CEDARst Companies And Albert Rabil Of Kayne Anderson Real Estate Secure $91.05M Loan For Millie On Michigan In Chicago
300 North Michigan Avenue
See Similar DealsMultiFamily
Financed 09/22/2025
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Loan
The property involved in this transaction is a multifamily asset located at 300 North Michigan Avenue in Chicago. It is a 47-story tower known as Millie on Michigan, featuring 289 apartments and 25,000 square feet of retail space. The property was built in 2022 and has an occupancy rate above 95%. The transaction involved a loan amount of $91,050,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $91,050,000
- Address: 300 North Michigan Avenue
- Market: Chicago
- Units: 289
- Lender: Invesco Real Estate
- Landlord: Will Murphy - CEDARst Companies
- Landlord: Albert Rabil - Kayne Anderson Real Estate
The key individuals involved in this transaction include Will Murphy, representing CEDARst Companies, and Albert Rabil, representing Kayne Anderson Real Estate. They secured the loan from Invesco Real Estate to finance the acquisition and planned improvements for the property.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$91,050,000.00
Monthly NOI$607,000.00
Monthly Debt Service$575,497.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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