CEDARst Companies has refinanced the Duncan Apartments at 1515 W. Monroe St. in Chicago with a $44 million CMBS loan from Citigroup arranged by Berkadia.
The first-mortgage loan is fixed at 6.67% over a five-year term. The Chicago based real estate development firm redeveloped the 260-unit apartment complex in 2020. A $51.5 million existing first mortgage from New York-based ACRE was fully repaid. Additional equity was secured via a large, Midwest-based family office.
CEDARst redeveloped the 260-unit apartment complex in the summer of 2020, delivering units during the global pandemic. The timing resulted in a protracted lease-up of the property.
In addition to the challenges resulting from the pandemic, rapidly increasing rates over the last two years have left developers wrangling with costly debt and the inability to refinance.
CEDARst manages a portfolio of nearly 7,500 units, across eight states, throughout the country. The company operate over 4,000 units in Chicago alone, with a recent focus on the West Coast and South Florida.
