CHICAGO—The 447-unit River City condos received a $93.8 million first mortgage loan for the acquisition and renovation of the building. Benjamin L. Kadish of Maverick Commercial Mortgage closed the financing, which will allow the building owner to de-convert the building into apartment units.
River City Apartments is owned by a newly formed joint venture among The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corporation.
Silverpeak Argentic funded the non-recourse, interest-only loan. The loan has an initial term of 36 months, with two 12-,month extension options available. According to a release, the loan will cover roughly 70% of the project costs, including acquisition, interest reserve, closing fees, and renovation plans.
Renovation began on the property last month. All the units will receive an upgrade, as well as the common areas, lobbies and amenities. According to earlier reports, River City Apartments will feature a lobby with multiple lounges and co-working spaces, a party room, an acre of outdoor space with lush landscaping, outdoor grilling stations, bocce ball, shuffleboard courts and a dog run.
Initially built in 1986, River City, located at 800 S. Wells, is one more space to join the growing trend of de-converting condominium units in the area to apartments. According to GlobeSt.com’s report in December, this project is the largest de-conversion in the Chicagoland area to date.
Maverick could not be reached for comment.