Icarus Investment Group Secures $6.95M Equity Loan For Kenwood Multifamily Portfolio

Icarus Investment Group has closed a multifamily transaction in Kenwood, Chicago. The properties involved in the deal are located at 4001 South Ellis Avenue, 4433 South Greenwood Avenue, 4737 and 4746 South Ingleside Avenue, 4500 South Drexel Boulevard, and 811 East 46th Street. With a total square footage of 181,250, the multifamily asset was sold for $6,950,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,950,000
• Date: 12/16/2022
• Market: Kenwood, Chicago
• Landlord: Icarus Investment Group
• Lender: KCB Real Estate Management
• Broker: Avi Solomon - GPARENCY

The loan for this transaction was provided by KCB Real Estate Management. The loan type was equity, and the loan amount was $6,950,000. The loan terms included a split structure, with a 10% preferred return (pari-passu), a 25% promote for returns between 10% and 20%, and a 35% promote for returns above 20%. It is worth noting that due to the client's membership with GPARENCY, the equity deal was closed for only $11,000.