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Multifamily and Office Acquired in $17M Deal

CHICAGO-The property at the former Ravenswood Medical Campus has 83 multi-family units and a 67,000-sf medical office building.

By Gina Kenny | Updated on January 04, 2008

(Read more on the debt and equity markets and the multifamily market .)

CHICAGO-A property with multi-family units and medical office space that was part of the former Ravenswood Medical Campus recently changed hands. The property at 4500 Winchester Ave. was sold to two private individuals in Chicago. The pair received $15.5 million in acquisition financing with an approximate 88% loan-to-cost, a total cost of approximately $17.6 million for buying the property, capital improvements, tenant improvement allowances and leasing commissions.

Members of the local development group Seay & Thomas Inc. sold the property. The term of the financing is three years, says Adam Levinson, director with Cohen Financial, which secured the financing. The interest rate is LIBOR plus 275 basis points, Levinson says. The lender is Grandbridge Capital, based in Birmingham, AL.

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