CHICAGO — Newmark has arranged a $110 million loan for the refinancing of Cityfront Place, a 39-story apartment tower situated in the Streeterville neighborhood of downtown Chicago. The borrowers, Strategic Properties of North America and Mirae Asset Securities, acquired the 480-unit property in 2020.
Cityfront Place features a mix of studio, one- and two-bedroom apartments. Residents have access to amenities such as a fitness center, indoor pool, rooftop terrace, resident lounge and indoor parking, as well as direct access to the Riverwalk.
Strategic Properties of North America and Mirae Asset Securities implemented a renovation plan at the property, which included updates to unit interiors and common areas. The community maintained an occupancy rate above 95 percent throughout the improvement period. Newmark states that the renovations contributed to a more than 60 percent increase in net operating income.
Charles Han, Henry Stimler, Bill Weber, Matt Mense, Dan Sarsfield and Ricky Warner of Newmark arranged the financing.