ACRE Provides $51.5M Loan for Refinancing of Multifamily Community in Chicago’s West Loop
CHICAGO — Asia Capital Real Estate (ACRE) has provided a $51.5 million loan for the refinancing of The Duncan, a 260-unit multifamily community in Chicago’s West Loop neighborhood. Chicago-based CEDARst owns the asset. Located at 1515 W. Monroe St., The Duncan consists of two connected buildings. The property includes 8,350 square feet of retail space, a coworking space, cocktail bar and fitness center. The lobby features FROTH Café, a hospitality concept from CEDARst that is managed by The Heritage Group. The buildings, originally constructed in the early 1900s, were recently repurposed in two phases. In July 2020, 150 units came online, while the remaining 110 units delivered in October 2020. The 2.5-year loan features a loan-to-value ratio of 76 percent.