6807 N. Sheridan, Chicago

December 13, 2016 Comments Off on Spirit Bascom Acquires Chicago Asset for $19M Views: 284 Illinois, Midwest, National News

Spirit Bascom Acquires Chicago Asset for $19M

Spirit Bascom Ventures LLC acquired the nine-story, 160-unit apartment complex at 6807 N. Sheridan Rd. in the Rogers Park neighborhood of Chicago. The buyer, a partnership between Bascom Group LLC and Spirit Investment Partners LLC, paid $18.9 million for the 1920’s-constructed asset. The building also contains 10,500 square feet of ground-floor retail.

Todd Stofflet of KIG CRE represented the seller in the off-market transaction. Andy Feinberg, Marc Schulder, and David Harte from Ackman-Ziff arranged a first mortgage loan from First Midwest Bank, and a mezzanine loan from New York based Hillcrest Real Estate.

Part of Spirit Bascom’s focus is on neglected urban mixed-use assets in progressive submarkets. “This building has been neglected for a long time, and is underperforming its potential. We’re excited to unlock that potential and create a real amenity for the neighborhood,” said David Nachman with Spirit Investors.

Read More at PR Newswire

Connect with Bascom Group

Connect with Spirit Investors

For comments, questions or concerns, please contact Amy Sorter

Tags: ,

Comments are closed.