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Morguard Buys Out CIM Share in Block 37 Apartments
Morguard North American Residential REIT will buy out CIM Group in the 691-unit Marquee at Block 37 apartments in Chicago’s Loop. The deal for the 51% stake not already owned by Canada-based Morguard Corporation, CIM’s development partner in the project, values the property at US$265 million.
“Our investment in this ideally located premium property is poised to further benefit from strong rental apartment demand in Chicago’s core,” said K. Rai Sahi, Chairman and CEO of Morguard, which owns other Chicago multifamily properties. “We are excited to add to our ownership of this prominent property as we continue to augment our presence in this strategic market.”
Morguard REIT has secured US$165-million mortgage financing on the property for a 10-year term at an interest rate of 3.27%. On closing, Morguard will increase its ownership from 49% to 50% and will operate the property on a 50/50 joint venture basis with the REIT.
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