Cedar Street Companies Acquires 342-Unit Multifamily Property In Chicago For $81.7M
FINANCED
$81,700,000
Illinois
See Similar DealsMultiFamily300,000 SF
Financed 12/16/2020
FINANCED
Cedar Street Companies Acquires 342-Unit Multifamily Property In Chicago For $81.7M
5050 North Broadway, Chicago, IL, USA
See Similar DealsMultiFamily300,000 SF
Financed 12/16/2020
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$272
Total Square Footage:300,000 SF
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$81,700,000.00
Monthly NOI$544,666.67
Monthly Debt Service$516,399.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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