Cedar Street Co., a leading integrated real estate developer, announced the refinancing of its inaugural set of FLATS Chicago rental properties. The three properties located on the city’s North Side will be expanding their lifestyle vision through tenant and community offerings with the refinancing of these mixed-used buildings.
Cedar Street Co. successfully closed on the refinance of their Prudential Agency Gateway bridge loan with three separate Fannie Mae Loans originated by Prudential Mortgage Capital Company. The refinancing of these FLATS Chicago properties allows developing new features and amenities to the buildings such as retail and office entities within.
The following refinanced properties include: 5411 N. Winthrop Ave: refinanced for $14.3 million. 4875 N. Magnolia Ave: refinanced for $6.5 million. 5051 N. Kenmore Ave: refinanced for $3.99 million.
FLATS Chicago continues to pioneer with their vision to redevelop distressed properties and revitalize Chicago communities, while still providing affordable rent options. Cedar Street Co.’s FLATS portfolio currently has seven buildings in the Uptown, Edgewater and Andersonville neighborhoods with plans to expand to more than 1,000 units in 2015.
“The refinancing of these properties gives us the financial freedom to continue stabilizing distressed assets, to adaptive reuse the spaces and reinvest in our core market,” said Alex Samoylovich, Cedar Street Co. Managing Partner.
Both the bridge loan and permanent loan were originated by Matt Bertram of Prudential’s Chicago office. “We are proud to be a lending partner for Cedar St. Co. and their FLATS brand and have seen first-hand the success of their redevelopment program in Edgewater and Uptown.”
When purchased initially, the three buildings were acquired out of foreclosure with construction finances from Associated Bank, Fifth Third Bank and Bridgeview Bank to help complete the gut renovation and stabilization of these distressed properties.
