Source: Strategic Properties of North America
NEW YORK, NY - Strategic Properties of North America (SPNA), a Chicago-based real estate investment firm, and Integrated Capital Management (ICM), a capital management firm in Los Angeles, announced the acquisition of Cityfront Place, a 39-story residential tower in downtown Chicago’s coveted Streeterville submarket.
Ideally located on the waterfront at 400 North McClurg Court, where the Chicago River intersects Lake Michigan, Cityfront Place’s 480 units are proximate to Michigan Avenue, Lakeshore Drive, and Navy Pier.
The acquisition was financed with a co-GP investment from ICM, an LP equity investment from a Korean global investment manager, and a senior loan from Freddie Mac. Newmark Knight Frank (NKF) represented SPNA in the transaction, and the seller was represented by CBRE.
“Integrated invests alongside accomplished owners and operators in their respective areas of expertise, and we believe SPNA is perfectly suited to execute its vision for a new and improved Cityfront Place,” said John Carrick, managing principal and co-founder of ICM. “This acquisition marks the third deal closed in our most recent real estate private equity fund, and it further evidences Integrated’s commitment to provide investors a portfolio of institutional quality assets that are truly diversified among sponsors, asset classes and geographic markets.”
Built in 1991, Cityfront Place is comprised of studio, one, and two-bedroom apartments, as well as a modest amount of commercial space, including the famous Lizzie McNeill’s Irish Pub. SPNA plans to reposition the property with a program of capital improvements to communal spaces and individual residences as leases expire over the coming three years.