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.
For comments, questions or concerns, please contact Paul Bubny