chicago-condos & Chicago Real Estate pcherry on 23 Mar 2011 08:24 am

Lofts At Roosevelt Apartments Sold At Half Price

March 23, 2011 - The went up for sale in December 2010 and it looks as though the big mixed-use Chicago real estate development has a buyer. A recent article in Crain’s states that Dan McCaffery, a local developer, and Canyon Capital Realty Advisors LLC from LA are negotiating to buy Roosevelt for a low price of about half of the $350 million it cost Centrum Properties to build.

The article stated that all of Centrum’s equity will evaporate if the development sells for only $160 to $175 million. The lenders who backed Centrum with $285 million will also lose money.

The big drawback for buyers was the 398,324 square feet of commercial space that is only 23% leased. The only tenant is the Kerasotes ShowPlace Theatres LLC. The 342 apartments are 92% leased, so the challenge will be filling the retail space. The site also includes a 1,482 space parking garage and two more parcels that are zoned for as many as 658 more residential units.

Residents of the Lofts at Roosevelt Collection will have to wait and see if the new owners are more successful in filling the commercial space. Remember that there are many more Chicago lofts for rent as well as for sale.

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