Emerald Empire Acquires Chicago Portfolio Multifamily For $600M
SOLD
$600,000,000
Illinois
See Similar DealsMultiFamily
Sold 07/12/2022
SOLD
Emerald Empire Acquires Chicago Portfolio Multifamily For $600M
Chicago, Illinois, United States
See Similar DealsMultiFamily
Sold 07/12/2022
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property in Chicago has been sold for approximately $600,000,000. The property, located in the Chicago Portfolio, consists of 7,500 units with an average price per unit of $80,000. The transaction took place between the buyer, Emerald Empire, represented by Moshe Wechsler, and the seller, Pangea Properties, represented by Peter Martay.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $600,000,000 (Approx.)
- Market: Chicago
- Address: Chicago Portfolio
The buyer's representative, Moshe Wechsler, and the seller's representative, Peter Martay, facilitated the sale. The lending institution involved in the transaction was Arbor Realty Trust, with Hamir Ramolia and Maurice Kaufman managing the loan.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$31,999,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,131,673.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,844,306.11
Annual Debt Service$34,131,673.27
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