Berkadia Provides $ 100 Million Loan to FPA Multi-Family Company

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(Arrive at Streetville, FPA)

FPA Multifamily Founder Greg Founder & McClurg Court (Arrive Streeterville, FPA)

FPA Multifamily secured a $ 100.3 million acquisition loan from Berkadia Commercial Mortgage for the purchase of McClurg Court, one of the largest residential developments in downtown Chicago. The real deal learned.

IN getting the 1,061-unit item was first reported to Crain’s earlier this month without a price tag. Funding received through Cook County reports has not been previously reported.

A multi-employer property trust fund was a construction vendor at 333 E. Ontario Street. When it listed properties in late January, MEPT was eyeing $ 200 million, about $ 189,000 apiece. The firm paid $ 126 million for McClurg Court in 2006. BentallGreenOak, which oversees the building as a consultant to MEPT, has invested $ 35 million in improvements.

Built 50 years ago, the two-tower McClurg Court includes a fitness center, swimming pool, tennis courts and outdoor patios. The complex has become a favorite home for staff and graduate students of the nearby Northwestern Memorial Hospital and Northwestern University’s Feinberg School of Medicine.

Maryland-based MEPT put the property up for sale in 2019, promoting it as “an affordable, comfortable living experience in an area dominated by new luxury high-rise towers,” according to market records at the time.

But the property was never sold, and BentallGreenOak entered into a new 99-year land lease for 25 percent of the land that MEPT did not own – the remainder owned by the descendants of the Civil War veteran bookseller Andrew McClerg.

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