Investment firm Monarch Alternative Capital LP recently provided financing for 808 N Cleveland, a multifamily building located in downtown Chicago.
Monarch provided a $71 million bridge loan to address the asset’s upcoming debt maturity. Monarch partnered with Trevian Capital, a commercial real estate finance platform focused on providing lending solutions nationwide, which will continue to support the transaction in an ongoing servicing role.
808 N Cleveland is a 2023-vintage, luxury multifamily property in the River North submarket in Chicago. The property spans over 190,000 square feet, offers 200 rental units, and features almost 30,000 square feet of commercial space that is currently over 80% leased.
The tower contains 172 traditional dwelling units as well as 28 co-living residences. The building is situated near a mix of dining, nightlife, retail and entertainment options, convenient transportation access, and major employers.
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