CHICAGO — CEDARst Cos. and Kayne Anderson Real Estate have received a $91 million loan from Invesco Real Estate to finance the acquisition and future tenant improvements at Millie on Michigan, a 47-story apartment tower located at 300 N. Michigan Ave. in Chicago’s Loop. The financing follows the joint venture’s all-cash acquisition of the property in July. The loan proceeds will support the venture’s long-term investment strategy, including capital improvements designed to enhance the resident experience and retail environment.
Completed in 2022, Millie on Michigan includes 289 luxury apartment units and 25,000 square feet of retail space. Occupancy exceeded 95 percent at the time of purchase. Amenities include a rooftop pool, coworking spaces, a fitness center, dog run and integrated smart home technology. The project is part of CEDARst Opportunistic Fund, which launched in February.