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Strategic Properties lands $33M refinancing on Lincoln Park deconversion
Proceeds from the loan will help complete renovations on the building, which Strategic bought as a condo in 2016, and converted to apartments
Strategic Properties of North America landed a $33 million refinancing on a former Lincoln Park condo building it bought in 2016 and has since converted to apartments.
Silverpeak Argentic provided the loan on the 133-unit building at 2625 North Clark Street known as The Kent, according to Cook County records. The company said it launched a significant renovation of the building after buying it, and the financing will help complete the project.
New Jersey-based Strategic Properties paid $35 million for the building, which was then condos, and has since converted it to apartments. The building actually opened as a rental before converting to condos in 2005, Crain’s reported at the time. Strategic Properties has been an active player in Chicago-area deconversions, which have been growing in popularity in recent years as investors look for a piece of the area’s lucrative rental market.
Last year, it executed what was then the most expensive deconversion in the city’s history when it bought the 268-unit Kennelly Square high-rise at 1749 North Wells Street for $78 million.
New York-based Silverpeak also recently loaned $94 million to Marc Realty Capital and The Wolcott Group for their deconversion project at River City in the South Loop.