Eastern Union secures a $125.25M acquisition loan for The Pavilion, a 1,115-unit multifamily complex located in Chicago's O'Hare neighborhood.
Eastern Union has facilitated a $125.3 million acquisition loan for The Pavilion, a 15-story, 1,115-unit apartment community situated at 5441 N. East River Road in Chicago. The financing, which represents a 75 percent loan-to-cost ratio with a 30-year amortization schedule, supported the $167 million acquisition of the property by Chicago-based R.I.G. Capital from seller Brookfield Asset Management. Stephen York of Arbor Realty Trust originated the agency financing.
Built between 1968 and 1972, the five-building complex maintains a 96 percent occupancy rate. On-site amenities at the property include a dedicated club building, swimming pool, spa, sauna, fitness center, and barbecue area. The transaction is reportedly the largest multifamily sale in Chicago on a year-to-date basis and marks the first time the asset has traded hands in several decades.
Excavation and pile driving are underway for a new 40-unit residential building located at 6150 North Sheridan Road in Chicago.
Chicago City Council approves a $36 million, 44-unit affordable housing development at 3251 W. Division in Humboldt Park.
The Chicago City Council approved LG Group's 66-unit residential development at 1201 W. Kinzie, a $25 million project scheduled to break ground in late 2026.
Essex Realty Group lists a newly constructed 60-unit multifamily property at 825 E. 61st Street across from the University of Chicago.
GD Holdings acquires 16 luxury condominium units at the St. Regis Chicago for $21 million.
Chicago City Council approves Honore Properties and Peerless Development's 28-story, 340-unit residential tower at 1415 N. Dayton.
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