Jonathan Rose Companies And Prairie Management Acquire Multifamily Property In Chicago With $31.5M Financing

The property involved in this transaction is a multifamily asset located at 2150 North Lincoln Park West in the Chicago market. The property contains 186 units and is part of a significant multifamily portfolio. The acquisition ensures the continued availability of affordable housing through a 20-year contract renewal with HUD.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: Not specified
• Units: 186
• Buyer: Jonathan Rose Companies & Prairie Management and Development, Inc.
• Broker: John Jaeger, Justin Puppi & Timothy Flint - CBRE
• Lender: JP Morgan Chase

The deal features Jonathan Rose Companies, in collaboration with Prairie Management & Development, acquiring the Webster House multifamily property. This transaction enhances their holdings in the Chicago area to over 2,300 units. The acquisition is supported by $31.5 million in debt financing from JPMorgan Chase aimed at future renovations and community improvements.