SPNA Acquires Second Deconversion Property in Chicago

The 133 units were converted to condos in 2005, but they will now go back to their initial use as rentals.

by Adina Marcut

2625 N. Clark St., Chicago

2625 N. Clark St., Chicago

Chicago—Strategic Properties of North America recently announced the closing of its second deconversion, a 133-unit property located at 2625 N. Clark St. in the Chicago metropolitan area. Eastern Union Funding President Ira Zlotowitz and Managing Director Marc Belsky arranged the bridge financing for the complex transaction that totaled $35 million.

“This is one of the most intricate deals of my 18-year career because there were more than 100 individual sellers,” Marc Belsky said in a prepared statement. “At the same time, we pulled together a financing package that included a construction facility within the acquisition loan, allowing the client to put about $6 million toward upgrades.”

The property, originally built as apartments in 1984 and then converted to condos in 2005, features one-bedroom, one-bath units that come in two floorplans and average 688 square feet. The community counts a fitness center, party room, laundry room, a bike room and 132 parking spaces as amenities. SPNA’s plans are to fully renovate the units with high-end finishes and appliances, and offer first-class services like dry cleaning and a dog spa.

“Greystone is pleased to participate in this groundbreaking acquisition via the de-conversion in the very strong market of Lincoln Park, Ill.,” Donny Rosenberg, the managing director who led the deal at Greystone, said in prepared remarks. “SPNA has proven truly skillful at navigating the many different moving parts to close this acquisition in a way that will facilitate eventual permanent financing and enable the property to better serve its residents.”

CBRE Executive Vice President Dan Cohen represented the condo association in the deal. Kathryn Kovitz Arnold, partner at Taft Stettinius & Hollister LLP, served as counsel on behalf of SPNA.

Image courtesy of SPNA