The property in question is the 150-apartment building located at 820 South Michigan Avenue in Chicago. The loan amount secured for this multifamily asset was $29,000,000 with a loan type of refinance. The lender involved in this transaction was Varde Partners, and the landlord associated with the property is Joseph W. Slezak of 3L Real Estate.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,000,000
• Units: 150
• Address: 820 South Michigan Avenue, Chicago
• Market: Chicago
• Lender: Varde Partners
• Landlord: Joseph W. Slezak - 3L Real Estate
• Loan Type: Refinance

3L Real Estate, the developers behind the former Ebony and Jet magazine headquarters at 820 South Michigan Avenue, opted to secure a $29 million loan with Varde Partners for the 150-apartment building. This significant loan, equivalent to $193,000 per unit, indicates a shift in strategy for the property after it was initially listed for sale in March. The decision to pursue refinancing instead of a sale comes amidst the changing multifamily market conditions in Chicago and a challenging lending environment.