Cohen Financial has secured a $30 million refinancing loan for Circle Park Apartments, a 418-unit, 19 building property, consisting of primarily two and three-story structures plus one eight story mid-rise building.
Circle Park Apartments is located at 1111 South Ashland Avenue and Roosevelt Road, southwest of Chicago’s Loop in the University Village and Little Italy submarkets of Chicago and in close proximity to Rush and Stroger Hospitals medical district, as well as the University of Illinois at Chicago.
Don C. Trossman, Managing Director of Cohen Financial in the Chicago office, and Jason Ross, Vice President, secured the fixed-rate HUD 223(f) loan through Pillar’s lending program. The borrower is UCA II, LLC, a private- investor.
Circle Park Apartments was approximately 98 percent occupied at the time of financing and for the three years prior. The property has been well maintained and did not require significant improvements. It was built by the sponsorship in 1983.