Meridian Lines Up Financing on Old Town Condo Deconversion

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Meridian Capital Group’s Shaya Ackerman and Shaya Sonnenschein have arranged $72 million in acquisition financing for the condominium deconversion of Kennelly Square in Chicago into rental apartments, on behalf of Strategic Properties of North America (SPNA). For both SPNA and the Ackerman Team, this was the fourth condo deconversion in the past 24 months.

The Old Town deal continues a local trend of deconverting lakefront condo properties, many of which underwent conversion during the condo boom of the 1970s and 1989s. “In today’s real estate market, individual condominium values can be lower than that of stabilized apartments on a per-unit basis,” said Ackerman.

At SPNA, Principal Saul Kuperwasser said that as a result of Ackerman’s expertise on these deals, “his broad-lens view of the entire capital stack and his ability to continue to navigate our debt and investment needs, we are the largest buyer of these properties in the state.”

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