SunTrust Banks, Inc. announced that Manny Brown, head of SunTrust Mortgage Banking and agency division production, and John Gordon, vice president in SunTrust CRE’s Chicago office, originated a $10.61 million bridge loan for the acquisition and condominium deconversion of Cambridge Commons in Chicago. The property is located in Edgewater, a popular lakefront community on the north side of Chicago.
SunTrust CRE originated the bridge loan for a private equity firm that invests in commercial real estate. The 80-unit Cambridge Commons—which was built in 1970 and renovated in 2000—converted to 100 percent rental at closing on July 23. The property features studio and one-bedroom market rate apartments.
“SunTrust originated an optimal short-term bridge loan to complete this complex acquisition that included a reverse 1031 exchange and condominium deconversion,” said Gordon. “We are seeing more condominium conversions, especially in areas such as Chicago where it is difficult to find land for new developments to meet the rising demand for multifamily properties.”