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Chicago & Midwest  |  March 31, 2025
Jasmine Kilman
By: Jasmine Kilman

Monarch Alternative Capital Provides $71M Refi for Downtown MF

Investment firm Monarch Alternative Capital LP recently provided financing for 808 N Cleveland, a multifamily building located in downtown Chicago.

Monarch provided a $71 million bridge loan to address the asset’s upcoming debt maturity. Monarch partnered with Trevian Capital, a commercial real estate finance platform focused on providing lending solutions nationwide, which will continue to support the transaction in an ongoing servicing role.

808 N Cleveland is a 2023-vintage, luxury multifamily property in the River North submarket in Chicago. The property spans over 190,000 square feet, offers 200 rental units, and features almost 30,000 square feet of commercial space that is currently over 80% leased.

The tower contains 172 traditional dwelling units as well as 28 co-living residences. The building is situated near a mix of dining, nightlife, retail and entertainment options, convenient transportation access, and major employers.

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Monarch Alternative Capital LPTrevian Capital

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.
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