Asia Capital Real Estate (ACRE) closed on a $51.5-million loan to support the refinancing and redevelopment of The Duncan, a multi-building luxury community in the West Loop.
Issued through ACRE’s debt fund ACRE Credit, the loan will help refinance the 260-unit property owned by Chicago-based developer, owner and operator CEDARst. The 2.5-year loan term ACRE provided includes two one-year extension options and carries a loan-to-value ratio of 75.8%.
“Despite the many challenges the industry faced this past year due to COVID-19, The Duncan’s strong performance and lease-up through the pandemic is a testament to CEADARst’s ability to deliver high-quality developments, and the resilience of the West Loop/Fulton submarket,” said ACRE’s head of origination, Daniel Jacobs.
Located at 1515 W. Monroe St., The Duncan consists of two multi-level buildings that were originally built in the 1900s. The repurposed buildings came on line in two phases, in July and October 2020.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).