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Financing Hurdles Kill Potentially Record-Breaking $190M River North Condo Deal

Strategic Properties of North America, a New Jersey-based investor company, has officially lost its attempt to complete a takeover of Ontario Place, a 51-story high-rise at 10 E. Ontario Street in Chicago’s River North neighborhood, Crain’s Chicago Business reported.

The $190 million deal would have been one of the largest condos-to-apartments transactions—known as “condo deconversion”—in Chicago and possibly the entire nation. The ill-fated deal was delayed several times due to financing issues, with the building’s condo board offering a final extension on closing to July 31 under the condition that Strategic Properties put up more money. However, Strategic refused, and an email sent to condo owners on June 6 declared the sale terminated.

The deal could have marked a high point for Strategic Properties, the most prolific condo deconverter in the city. It’s unclear if Strategic Properties or another investor would approach the board with a new offer for the building.

Photo courtesy of @properties.

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Inside The Story

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

  • ◦Sale/Acquisition
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