December 13, 2016
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.
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