Newmark arranged a $110 million loan to refinance Cityfront Place, a 39-story, 480-unit luxury multifamily property in downtown Chicago on behalf of Strategic Properties of North America and Mirae Asset Securities .
The financing was secured by Newmark Managing Director Charles Han, Executive Managing Directors Henry Stimler and Bill Weber, Vice Chairman Matt Mense and Directors Dan Sarsfield and Ricky Warner.
SPNA and Mirae acquired Cityfront Place in 2020 and implemented a strategic renovation plan, modernizing unit interiors and common areas while maintaining occupancy above 95% throughout the improvement period. The renovations contributed to a more than 60% increase in net operating income, driven by strong asset management and sustained demand for well-located, high-quality multifamily housing.
Positioned along the Chicago River in the Streeterville neighborhood, Cityfront Place offers studio, one- and two-bedroom residences with modern finishes, floor-to-ceiling windows and premium amenities, including a 24-hour fitness center, indoor pool, rooftop terrace, resident lounge, indoor parking and direct access to the Riverwalk. The property is located near Michigan Avenue, Navy Pier, Millennium Park and top-tier dining, retail and entertainment options.
