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

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SOLD
Justin Puppi
John Jaeger
Timothy (Tim) Flint

Illinois

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MultiFamily
Sold 11/06/2024
the dealplayerscompscontact
Property Image
SOLD

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

2150 North Lincoln Park West

See Similar Deals
MultiFamily
Sold 11/06/2024
Justin Puppi
John Jaeger
Timothy (Tim) Flint
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

John Jaeger
CBRE
John Jaeger
29 deals$2.1B volume
BROKER
Justin Puppi
CBRE
Justin Puppi
22 deals$1.4B volume
BROKER
Timothy (Tim) Flint
CBRE
Timothy Flint
6 deals$135.1M volume(206) 826-5725
BROKER
J.P. Morgan Chase
J.P. Morgan Chase
LENDER

Details

SOLD
IMAGE: John Jaeger, Justin Puppi & Timothy Flint DATE: 11/06/2024 ADDRESS: 2150 North Lincoln Park West MARKET: Chicago ASSET TYPE: Multifamily ~ UNITS: 186 BUYER: Jonathan Rose Companies & Prairie Management and Development, Inc. BROKERS: John Jaeger, Justin Puppi & Timothy Flint - CBRE (@CBRE) LENDER: JP Morgan Chase (@JPMorgan) NOTE: Jonathan Rose Companies, in partnership with Prairie Management & Development, acquired the Webster House multifamily property in Chicago, bringing its holdings in the area to over 2,300 units. The acquisition includes a 20-year contract renewal with HUD to maintain affordability, with plans for renovation and community improvements, backed by $31.5M in debt financing from JPMorgan Chase.

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