A joint venture between CEDARst Companies and Kayne Anderson Real Estate has secured a $91.05 million loan from Invesco Real Estate to finance the acquisition and future tenant improvements at Millie on Michigan.
Millie on Michigan is a newly built 47-story residential tower located at 300 N Michigan Avenue 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.
Completed in 2022, Millie on Michigan includes 289 luxury apartments and 25,000 square feet of retail space, with occupancy exceeding 95%. “This financing provides the resources to further strengthen Millie on Michigan,” said Will Murphy, CEO of CEDARst Companies. “We’re focused on enhancements that elevate the resident experience while reinforcing our long-term commitment to Chicago’s multifamily market.” The project is part of CEDARst Opportunistic Fund, which launched earlier this year.
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