JPMorgan Chase & Co. arranging $31.5 million of debt financing for the acquisition of Webster House Apartments, which included $7 million to finance an initial renovation. Jonathan Rose Cos. recently acquired the 14-story high-rise Chicago apartment building for $55 million.
The New York City-based firm bought the 186-unit Webster House Apartments at 2150 N. Lincoln Park West from Chicago-based Webster House Associates. CBRE’s John Jaeger, Justin Puppi, and Tim Flint represented the seller. Jonathan Rose was represented internally.
Floorplans at Webster House Apartments feature 1-bedroom/1-bathroom units ranging in size from 650 to 775 square feet.
The acquisition brings Jonathan Rose’s Chicago multifamily portfolio to 2,346 units. The company plans upgrades to the property, with renovations expected to begin in the first quarter of 2025 with Chicago-based developer Prairie Management & Development Inc.
“As our footprint in the area expands, we’re proud of our work to preserve critical housing in high-opportunity neighborhoods across the city such as Lincoln Park,” said Nathan Taft, partner and chief investment officer at Jonathan Rose Companies.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
