ACRE is providing a $ 51.5 million loan to refinance a multi-family community in Chicago’s West Ring

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Duncan consists of 260 units in two connected buildings.

CHICAGO – Asia Capital Real Estate (ACRE) has provided a $ 51.5 million loan to refinance The Duncan, a 260-unit multi-family apartment complex in Chicago’s West Loop. This asset is owned by Chicago-based CEDARst. The Duncan Hotel is located at 1515 W. Monroe St. and consists of two interconnected buildings. The property includes 8,350 square feet of retail space, coworking space, cocktail bar and fitness center. The lobby features the FROTH Café, a hospitality concept from CEDARst operated by the Heritage Group. The buildings, originally built in the early 1900s, have recently been redesigned in two phases. In July 2020, 150 units were commissioned and the remaining 110 units were delivered in October 2020. A 2.5-year loan has a loan-to-cost ratio of 76 percent.

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