Cedar Street Co., a leading integrated real estate developer, announced the refinancing of three new buildings on Chicago’s north side through the Expanded Agency Gateway Program offered by Prudential Mortgage Capital Company.
This program has provided Cedar Street Company the opportunity to lower its cost of capital and to increase company liquidity by capitalizing on the favorable disparity between the cost basis and the value of several of its upcoming FLATS Chicago assets. The refinance will allow the integrated real estate developer to continue its strategic stabilization of distressed properties. Currently, Cedar Street Co.’s FLATS portfolio has 1,000 units in Uptown, Edgewater and Andersonville neighborhoods, and that number is expected to increase to more than 3,000 units in 2015.
“We are thrilled to see continued growth at Cedar Street Co. in 2014,” Cedar Street Co. CEO Alex Samoylovich said. “We are able to consistently develop our diverse multi-family portfolio offerings on the north side and continue the development of distressed assets in Chicago.
The properties include: • 4875 N. Magnolia Ave: Magnolia Avenue and West Ainslie Street, Uptown • 5051 N. Kenmore Ave: Kenmore Avenue and West Winona Street, Uptown • 5411 N. Winthrop Ave: Winthrop Avenue and West Balmoral Ave, Uptown
Purchased as distressed assets in late 2011, 4875 N. Magnolia Ave., originally purchased for $2.25MM, 5051 N. Kenmore Ave, originally purchased for $1.8MM, and 5411 N. Winthrop Ave., originally purchased for $4.075MM, went through a full interior demolition and rehabilitation managed by Cedar Street Co.’s affiliated construction management company, Method Construction.
