Newmark Provides $110M Refi for Cityfront Place in Downtown Chicago

Strategic Properties of North America and Mirae Asset Securities have secured $110 million to refinance Cityfront Place, a 39-story, 480-unit luxury high-rise rental tower in Downtown Chicago, Commercial Observer has learned.  

Newmark (NMRK), a delegated underwriting and servicing (DUS) lender for Fannie Mae (FNMA), provided the financing. Newmark’s Charles Han, Henry Stimler, Bill Weber, Matt Mense, Dan Sarsfield and Ricky Warner all worked on arranging the financing on behalf of the sponsors. 

In a statement, Newmark’s Stimler defined Cityfront Place as “institutional-quality asset.”

“Cityfront Place’s prime location, exceptional management and strong fundamentals made it an ideal candidate for refinancing, allowing our clients to optimize capital while preserving operational excellence,” he said.  

Located at 400 North McClurg Court in the North Side of Streeterville  — a live-work-play neighborhood defined by its proximity to Chicago’s Magnificent Mile shopping district and the famous Chicago Riverwalk — Cityfront Place opened in 1991. The building features studio to two-bedroom units and includes a fitness center, an indoor pool, a rooftop terrace, a resident lounge, and indoor parking. 

Monthly rents at Cityfront place range from $2,034 for a studio to as much as $6,272 for a two-bedroom, according to the complex’s website.

SPNA and Mirae purchased Cityfront Place in 2020 and immediately began a renovation effort, which the firm claims has contributed to a 60 percent increase in net operating income, per Newmark. 

Today the apartment holds occupancy of 95 percent.

Brian Pascus can be reached at bpascus@commericialobserver.com