Updated Oct 29, 2024
Emerald Empire Acquires Chicago Portfolio Multifamily For $600M
Chicago, Illinois, United States
$600,000,000
Units
7,500
Asset Type
MultiFamily
Closing
Jul 12, 2022
About this deal
AI
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.
On the Map
$600,000,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93