Updated Oct 29, 2024
Cedar Street Companies Acquires 342-Unit Multifamily Property In Chicago For $81.7M
5050 North Broadway, Chicago, IL, USA
$81,700,000
$272/SF
Building Size
300,000 SF
Asset Type
MultiFamily
Closing
Dec 15, 2020
About this deal
AI
The loan transaction involving the multifamily property located at 5050 N. Broadway Avenue in Chicago has taken place. The property consists of 342 units and has been financed by Cedar Street Companies, with Erik Larson representing the company. The loan amount for this transaction is $81,700,000, and the terms of the loan include a 12-year term with only interest payments required for the first six years.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $81,700,000
- Lender: Cedar Street Companies - Erik Larson
- Broker: Craig Foreman - PGIM Real Estate
Representing the lender, Cedar Street Companies, is Erik Larson. The broker involved in the transaction is Craig Foreman from PGIM Real Estate.
On the Map
$81,700,000
$272/SF
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
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93