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Pembrook Closes on First Mortgage for Former Cano Portfolio
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Pembrook Capital Management has provided a $20.3-million first mortgage loan for Icarus Investment Group’s acquisition and renovation of a 23-building portfolio on Chicago’s Southwest Side. The portfolio, formerly owned by Cano Properties, consists of 23 Naturally Occurring Affordable Rental Housing (NOAH) properties with 325 residential units.
Icarus plans to add value through continued improvements to the residential units and lease-up of the buildings’ ground-floor retail. The new ownership has agreed to continue to operate the properties as NOAH throughout the term of Pembrook’s loan, which was financed in partnership with CIBC Bank USA and BMO Harris Bank.
Located two miles east of Midway Airport (pictured), the Cano Portfolio is 94.2% occupied in its residential component, with 19 apartments vacant. “We’re pleased to finance the sponsor’s plan to continue improving this portfolio, while at the same time keeping the rents affordable,” said Pembrook CEO Stuart Boesky.
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