YK Investments Closes Loan for Chicago Condo Deconversion
The deal includes the sale of the 1920s vintage building's remaining condominium units.
YK Investments has landed a $25.14 million bridge loan to acquire full control of and begin renovations at The Archer, a 68-unit multifamily property located on Chicago’s Gold Coast. Concord Summit Capital, LLC arranged the bridge financing.
Concord Summit structured a 100 percent, LTC, non-recourse financing solution, recognizing equity already in place, enabling a zero cash-to-close execution. Managing Director Daniel Eidson and Senior Analyst Ben Applebaum sourced the financing on behalf of the sponsor, YK Investments.
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Situated at 1211 N. LaSalle Street at the high-profile intersection of Division and LaSalle Streets, The Archer is one of Chicago’s premier condo deconversion projects. The building was originally built as a hotel in 1929, and was converted into apartments in 1980. According to Yardi Matrix, the community currently stands at 91.2 percent occupancy.
The Archer offers one- and two-bedroom layouts featuring herringbone floors, Smeg refrigerators, above-standard ceiling heights, large closets and, in select units, in-unit washer-dryers. Among common-area amenities are a package room, fitness center, sundeck, coworking space, on-site parking, lounge and coffee bar.
Convenience and competition in Chicago
The Archer is located one block to the west of the Clark and Division subway station on the Chicago Transit Authority’s (CTA) Red Line, giving riders quick access south to the River North enclave and The Loop central business district, both among the Midwestern U.S.’ largest employment centers. Northbound Red Line trains take riders to Lincoln Park, Lakeview and Wrigleyville, three of the North Side’s most popular lakefront neighborhoods.
YK Investments has successfully deconverted thousands of condominium units in the Chicago area. The firm has often partnered with institutional investors, international capital and high-net-worth family offices to undertake value-add strategies and leverage the city’s persistent pricing discrepancies.
