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$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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