May 18, 2016
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.