Saul Ewing Arnstein & Lehr represented the purchaser in the acquisition of Cityfront Place, 400 N. McClurg Court in Chicago. Terms of the deal, which concluded on April 1, were not disclosed.
The property was acquired by a joint venture between a real estate investor/developer based in Chicago and Lakewood, New Jersey, and one of the largest financial services groups in South Korea. Barry Katz, Katie Gilligan and Roy Bernstein, all members of Saul Ewing Arnstein & Lehr’s real estate practice, spearheaded the transaction.
Located just off the Magnificent Mile in the Streeterville neighborhood, Cityfront Place is a 480-unit apartment building with several commercial tenants. Amenities include a fitness center, yoga studio, indoor lap pool, bike storage, landscaped roof deck and residents’ lounge with a pool table and coffee bar.
The deal took six months of work before closing, and included navigating numerous and unprecedented challenges arising from the COVID-19 pandemic and resulting economic conditions.
