SunTrust Provides $10.6M Acquisition Loan for Condo Deconversion in Chicago
CHICAGO — SunTrust Banks Inc. has provided a $10.6 million bridge loan for the acquisition and deconversion of Cambridge Commons in Chicago. Built in 1970, the property was renovated in 2000. After the closing on July 23, all of the units became apartment rentals. Manny Brown and John Gordon of SunTrust originated the loan on behalf of the borrower, a private equity firm. Areas such as Chicago are seeing more condo deconversions because it is difficult to find land for new developments to meet the rising demand for multifamily properties, according to Gordon. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.