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May 18, 2016 Comments Off on RealtyMogul Helps Fund $22M Chicago MF Buy Views: 394 California, California News, Connecticut, Illinois, Midwest, National News, Northeast, West

RealtyMogul Helps Fund $22M Chicago MF Buy

Spirit Bascom Ventures has paid $21.6 million for ownership rights of 5200 N. Sheridan Rd., a 223-unit vintage apartment complex in Chicago’s Edgewater neighborhood. RealtyMogul, an online crowdfunding platform, has contributed limited partner common equity to the property.

Spirit Bascom Ventures is a joint venture between Spirit Investment Partners of Stamford, CT., and Irvine, CA-based Bascom Group. The JV specializes in distressed and value-add multifamily investments. Plans call for the new owners to rehabilitate and renovate the building.

RealtyMogul specializes in $1 million-$5 million joint venture equity and preferred equity investments, as well as mezzanine and bridge loans. Spirit Bascom Ventures is one of RealtyMogul.com’s largest sponsors.

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