Chicago & Midwest + Downtown + Finance | April 10, 2020

NKF Arranges $103M Financing on JV’s Cityfront Place Deal

NKF Multifamily arranged $102.5 million in financing for the acquisition of Cityfront Place in Downtown’s Streeterville neighborhood. The property was acquired by a joint venture led by Strategic Properties of North America (SPNA), with a co-general partner investment from Integrated Capital Management (ICM) and a limited partner equity investment from South Korea-based Mirae Asset Daewoo.

NKF’s Henry Stimler, Charles Han, Matt Mense and Dan Sarsfield delivered five-year Freddie Mac fixed-rate, full-term interest-only debt at 3%. The firm’s Anthony Orso sourced the debt and equity, and also introduced SPNA to Mirae Asset Daewoo.

“Integrated invests alongside accomplished owners and operators in their respective areas of expertise, and we believe SPNA is perfectly suited to execute its vision for a new and improved Cityfront Place,” said ICM’s John Carrick.

Built in 1991, Cityfront Place is a 39-story, 480-unit high-rise along the Chicago River.

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About Paul Bubny

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).

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