TODAY'S DEALS: The Seneca Apartment-Hotel Sold, Will Operate as Luxury Rental
Waterton Associates buys a Chicago apartment-hotel; Post Brothers lands a $52 million redevelopment loan; and Cohen Financial secures $14.6 million for two Chicago properties.
Chicago—IRMOCO Properties & Management Corp. has sold The Seneca, a 264-unit property that is one of the city’s oldest apartment-hotels, to Waterton Associates. The new owner purchased the asset for $35.6 million free and clear of existing debt and plans to operate the asset as luxury apartments.
Holliday Fenoglio Fowler LP marketed the property on behalf of IRMCO Properties and closed the transaction. The Seneca was originally built in 1926. It is located on Chicago’s Michigan Avenue corridor.
Post Brothers secures $52M loan for a Philadelphia redevelopment
Philadelphia—Post Brothers has obtained a $52 million loan to complete the redevelopment of the Rittenhouse Hill, a community located in the city’s Germantown neighborhood. The Ackman-Ziff Real Estate Group LLC arranged the loan, which was provided by an undisclosed European bank.
Once the redevelopment is complete in 2014, Rittenhouse Hill will include 624 apartment units, with the gut renovation adding nearly 100 new units to the properties. The new amenity package will include 15,000 square feet of interior retail space, a new commercial-sized gym, and a perimeter trail that will connect to Wissahickon Gorge in Fairmount Park.
An interesting part of the redevelopment is what Post Brothers says will be the largest green roof in Philadelphia. The amenity will total over two acres and feature an infinity edge pool, dog runs, outdoor dining and barbecue areas, yoga/meditation gardens, and a playing field.
The Rittenhouse Hill was originally built in 1955. Post Brothers bought the complex in 2011 in a short sale for $27.3 million.
Cohen Financial secures $14.6M for Chicago properties
Chicago–Cohen Financial announced that it has secured a total of $14.6 million to refinance two properties, a 72 unit property on Ridge Avenue and an 81 unit property on North Sheridan Road in Chicago. Both properties are well leased.
Dan Rosenberg, Director of Cohen Financial in the Chicago office, secured two HUD loans through Oak Grove Capital, a national multifamily lender. The financing included both fixed-rate, non-recourse loans with an 83 percent loan-to-value (LTV). The borrower is an affiliate of Marc Realty, a Chicago-based multifamily property investor and manager.
“Our client was pleased with the long- term, fixed- rate financing that we secured, which allowed them to take advantage of today’s historically low rates and will enable them to operate the property for many years to come,” said Rosenberg.
