Chicago-based Habitat, a leading national multifamily real estate developer, operator and property manager, has successfully refinanced Columbus Plaza, a 47-story, 534-unit apartment high-rise in downtown Chicago. Habitat and its partners secured a new $72.9 million Freddie Mac loan arranged by Northmarq, plus an additional $29.5 million in new equity from New York-based Torchlight Investors, which joins Habitat as an equity partner in the property.
The refinance replaces a $93 million loan from 2017, which matured in November. The deal was complicated after Columbus Plaza received a higher property tax assessment last fall and by Chicago’s proposed – but ultimately unsuccessful – real estate tax rate increase, which led Habitat’s lender to reduce the loan amount by $6 million. The new loan and capital structure allow Habitat and its partners to plan key renovations and other capital improvements to the property at 233 E. Wacker Dr.
“While some owners facing similar challenges have defaulted, resulting in properties being taken over by lenders, Habitat and its investors took proactive steps to make our lenders whole by successfully executing one of the largest multifamily refinances in Chicago over the past year,” said Matt Fiascone, president at Habitat. “This deal not only ensures continuity of ownership and management of Columbus Plaza but also enables us to move forward with future renovations and improvements that will enhance the living experience for residents while positioning the community for success and strengthening Habitat’s unwavering commitment to the Chicago multifamily market.”
Completed in 1980, Columbus Plaza comprises 534 studio, one-, and two-bedroom apartments with average monthly rents ranging from $1,700 to $3,350. The Class A building is currently 95% leased. On-site amenities include a fully equipped fitness center, resort-style sunroom, business lounge, patio with grilling stations and bicycle storage.
Perched on East Wacker Drive, the building overlooks the Chicago River and offers residents views of Lake Michigan and the surrounding downtown cityscape, easy access to the Chicago Riverwalk and a direct connection to the Chicago Pedway. With a walk score of 99, the building is just steps from a variety of public transit options, top dining destinations and notable Chicago attractions, such as Navy Pier, Millennium Park, the Art Institute and Michigan Avenue. Habitat was the original developer of Columbus Plaza and continues to manage the property.
The page is very good. It was great to read your paper. I think this is a great paper retro games.
A friend of mine went to Chicago and told me how convenient it was to rent an apartment downtown through the rent cafe . She chose this apartment complex — a great place to stay, right in the center. The apartment was spacious, had a nice view, and all the amenities were close by. She said that the booking process through the site was easy and fast, and the location itself was perfect for exploring the city. Now when I plan a trip, I will definitely use this service.
A Virtual Private Network (VPN) conceals your IP address, creating the illusion that you are accessing the internet from an drift hunters other location.
sounds good!
situs togel
For hours, players will be engrossed in the hook-based mechanics, gratifying swinging, and rising difficulty levels. You can see why so many mobile gamers have taken to this Stickman Hook game.