CEDARst Companies and its joint venture partner Origin Investments have refinanced The Rosie multifamily community at 1461 S. Blue Island Ave. in Chicago with a $39.15 million loan from Bridge Debt Strategies. JLL arranged the financing.
The Rosie is a recently constructed 202-unit community located just north of the Pilsen neighborhood in an opportunity zone. The property is 10 minutes from downtown and within walking distance of the University of Chicago, the Illinois Medical District, Thalia Hall, and restaurants along 18th St.
The property is part of Origin’s initial Qualified Opportunity Zone Fund investments.
The Rosie is 95% leased. The property has a full roster of amenities that include a fitness center, co-working spaces, lounge, and a rooftop pool with skyline views. One of the unique features of some units is the use of a robotic furniture system that maximizes unit space. At the touch of a button, a comfortable bed glides in and out; when tucked in, the bed is hidden under a closet, office and couch. The building also includes two retail spaces totaling 7,000 square feet.
The loan has a 3-year term. The partnership executed an interest rate cap at closing effectively fixing the interest rate. A tenant improvement allowance was included in the loan amount to help finance future retail leases at the property.
While this is CEDARst’s first transaction with Bridge Debt Strategies, it expands upon a five-year relationship with Bridge Investment Group which encompasses three deals, totaling equity of $90M, with two assets successfully developed in San Diego and Vancouver WA, and a third underway in Las Vegas. ogether the projects total $278M in total cost.
