Concord Summit Capital has arranged $25.14 million in bridge financing for The Archer, a 68-unit multifamily property located in Chicago’s Gold Coast neighborhood.
The funding enabled an existing limited partner to acquire full control of the asset from the general partner and initiate a renovation of the remaining units. Concord Summit’s Managing Director, Daniel Eidson, and Senior Analyst, Ben Applebaum, sourced the financing on behalf of the sponsor, YK Investments.
Located at 1211 N. LaSalle, The Archer offers rooftop views and convenient access to dining, shopping and transit. The building features one- and two-bedroom layouts. “This was a unique opportunity where our client—an LP—was taking control of the asset from the GP,” said Eidson. “We structured a 100% LTC, non-recourse financing solution that recognized the equity already in place. The result was a zero cash-to-close execution, giving our client the ability to complete the renovation strategy and maximize value.”
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