Antheus continues string of major refis, taking out big loan on Hyde Park apartments

It’s the New Jersey firm’s fourth major refinancing in as many months in Hyde Park

Jul.July 15, 2019 02:00 PM
Antheus Capital Principal David Gefsky and Solstice on the Park

Antheus Capital Principal David Gefsky and Solstice on the Park

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.

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