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Chicago & Midwest  + Downtown  + Finance  | 

$92M Recap Comes to River North Apts.

Cedar Street, which converted the historic Bush Temple of Music into apartments, will build a new tower next door in River North after a Florida-based investor acquired a 75% stake in both the Bush Temple building and the new project. The $92-million construction-to-permanent-debt recapitalization was arranged by Quadrant Real Estate Advisors.

The developer will retain a 25% stake in both properties, and plans a long-term hold once the 129-unit tower at 810-812 N. Clark St. is completed. The 16-story 810-812 N. Clark will consist entirely of micro-units, a first for Cedar Street.

“The recapitalization will allow us to complete one of the first micro-tower developments in the city, and is structured for Cedar Street to hold the asset over the long term,” said Will Murphy, managing partner with Cedar Street. “We are very bullish on the second phase, the unit mix and its location. It’s an architecturally-significant project with a great history.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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