ACRE Provides $51M Refi for Chicago Luxury Community
- Jun 10, 2021
CEDARst has landed a $51.5 million refinancing deal for The Duncan, an upscale 260-unit community in Chicago’s West Loop. Asia Capital Real Estate (ACRE) provided the refinancing package, which includes a two-and-a-half-year interest term and two one-year extension options. The property carries a 75.8 percent loan-to-value ratio.
Located at 1515 W. Monroe St., the mixed-use property consists of one four-story and one six-story building, connected by the second level. The floorplan mix encompasses one-bedroom apartments and studios. Units range from 294 to 664 square feet, with the ground floor spanning 8,350 square feet of retail.
Amenities include a coworking lobby, a bar, a grilling area and four roof terraces, as well as other sporting facilities such as a basketball and volleyball court, an indoor swimming pool and running track, and a sauna.
The Duncan is close to both Rush University, with its adjacent medical centers, and The Fulton Market district, known for its restaurants and retail and as the home of numerous tech and corporate businesses. Several large parks are within walking distance of the community.
Access to various recreational amenities and proximity to green spaces might be a solution to Chicago’s changing multifamily market, which has seen a declining interest in urban-core living, with residents turning towards the suburbs or other more affordable markets.
CEDARst’s adaptive reuse portfolio
Built in the 1900s, the two buildings functioned as a Salvation Army Freedom Center for 70 years. The property has undergone two stages of adaptive reuse and went online in the second half of last year. The redevelopment project was supported by a $49 million non-recourse renovation loan provided by Granit Point Mortgage Trust in 2018.
CEDARst is no stranger to adaptive reuse. The company previously acquired two historic Minneapolis warehouses as part of a 345-unit mixed-use community conversion project slated for completion next year.