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Spirit Bascom Acquires Chicago Asset for $19M

Spirit Bascom Ventures LLC acquired the nine-story, 160-unit apartment complex at 6807 N. Sheridan Rd. in the Rogers Park neighborhood of Chicago. The buyer, a partnership between Bascom Group LLC and Spirit Investment Partners LLC, paid $18.9 million for the 1920’s-constructed asset. The building also contains 10,500 square feet of ground-floor retail.

Todd Stofflet of KIG CRE represented the seller in the off-market transaction. Andy Feinberg, Marc Schulder, and David Harte from Ackman-Ziff arranged a first mortgage loan from First Midwest Bank, and a mezzanine loan from New York based Hillcrest Real Estate.

Part of Spirit Bascom’s focus is on neglected urban mixed-use assets in progressive submarkets. “This building has been neglected for a long time, and is underperforming its potential. We’re excited to unlock that potential and create a real amenity for the neighborhood,” said David Nachman with Spirit Investors.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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