After refinancing a trio of historic Hyde Park rental buildings, Antheus Capital now has restructured the debt on its newest South Side apartment complex.
New Jersey-based Antheus in late June secured an $85 million loan from Morgan Stanley for its Solstice on the Park, a 250-unit rental building at 1616 East 56th Street, Cook County property records show.
The new loan replaces a $76 million mortgage Antheus secured from Bank OZK in 2017 to Antheus to finance construction of the 27-story building, Crain’s reported at the time. The 400,000-square-foot complex delivered in early 2018.
The move continues a string of refinancings on some of Antheus’ most prominent rental buildings in Hyde Park, where it is one of the biggest residential landlords.
In April, the firm took out a combined $130 million in loans on three historic Hyde Park buildings: a $69 million loan for the Shoreland Hotel property and a $61 million loan on the Del Prado and Windermere House rental complexes.
A representative for Antheus did not immediately return a request for comment.
Antheus is repositioning its major Hyde Park buildings amidst a surging multifamily market in the neighborhood. Hyde Park rents in the first quarter rose 5 percent year over year.
The Jeanne Gang-designed Solstice in the Park has a fitness center, pet spa, a cafe and game room. Rents range from $2,265 for a one-bedroom to $5,285 for a three-bedroom.
Antheus also is building a 26-story rental project in Hyde Park. In spring 2018, the firm took out a $60 million construction loan from BMO Harris Bank for the 254-unit building at 1600 East 53rd Street.