Cedar Street Co. has refinanced six Chicago properties totaling $19.7 million. The properties include: Fitch Commons (2541 W. Fitch Ave.); Fitch Gardens (2542 Fitch Ave.); Kenmore (5051 N. Kenmore); Riverwest Commons (717 W. Highland Ave., Elgin); Sunnyside (1025 W. Sunnyside); and Winthrop Commons (5718 N. Winthrop).
The financing enables Cedar Street to continue a value-add strategy, whereby it can stabilize cash flows in order to refinance with long-term conventional debt.
Fitch Commons, Fitch Gardens and Riverwest Commons, totaling 195 residential units, will be managed by Cedar Street Co.’s Estate Properties; a full-service property management firm specializing in the acquisition, stabilization and management of distressed assets.
Kenmore, Sunnyside and Winthrop Commons, totaling 110 residential units and commercial space, will be re-branded under Cedar Street Co.’s upcoming FLATS Chicago brand as No. 5051, No. 1025 and No. 5718. Conceived by partners and childhood friends Jay Michael, Alex Samoylovich and Thomas Kim, FLATS Chicago is a collection of lifestyle rental properties that emphasizes big style in smart spaces by bringing the power of hotel branding into the multifamily market.
