Updated Sep 25, 2025
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
$91,050,000
Units
289
Asset Type
MultiFamily
Closing
Sep 22, 2025
About this deal
AI
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.
On the Map
$91,050,000
MultiFamily
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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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93