SPNA and ICM buy Chicago residential tower

Strategic Properties of North America and Integrated Capital Management have acquired Chicago-based Cityfront Place, a 39-story residential tower.

Strategic Properties of North America and Integrated Capital Management has acquired Chicago-based Cityfront Place, a 39-story residential tower. No financial terms were disclosed. Newmark Knight Frank represented SPNA in the transaction

PRESS RELEASE

CHICAGO, IL (April 8, 2020) – Strategic Properties of North America (SPNA), a Chicago-based real estate investment firm, and Integrated Capital Management (ICM), a capital management firm in Los Angeles, announced today the acquisition of Cityfront Place, a 39-story residential tower in downtown Chicago’s coveted Streeterville submarket.

Ideally located on the waterfront at 400 North McClurg Court, where the Chicago River intersects Lake Michigan, Cityfront Place’s 480 units are proximate to Michigan Avenue, Lakeshore Drive, and Navy Pier.

The acquisition was financed with a co-GP investment from ICM, an LP equity investment from a Korean global investment manager, and a senior loan from Freddie Mac. Newmark Knight Frank (NKF) represented SPNA in the transaction, and the seller was represented by CBRE.

“Integrated invests alongside accomplished owners and operators in their respective areas of expertise, and we believe SPNA is perfectly suited to execute its vision for a new and improved Cityfront Place,” said John Carrick, managing principal and co-founder of ICM. “This acquisition marks the third deal closed in our most recent real estate private equity fund, and it further evidences Integrated’s commitment to provide investors a portfolio of institutional quality assets that are truly diversified among sponsors, asset classes and geographic markets.”

Built in 1991, Cityfront Place is comprised of studio, one, and two-bedroom apartments, as well as a modest amount of commercial space, including the famous Lizzie McNeill’s Irish Pub. SPNA plans to reposition the property with a program of capital improvements to communal spaces and individual residences as leases expire over the coming three years.

About Strategic Properties of North America
Strategic Properties of North America (SPNA) is a real estate investment firm with the unique ability to envision potential in assets often overlooked by other firms. With over 50 years of cumulative experience, SPNA acquires, owns and adds value to quality multifamily properties with intrinsic value in choice markets—seamlessly and successfully. For more information, please visit spofna.com.

About Integrated Capital Management
Integrated Capital Management (ICM) is a Los Angeles-based investment management firm. Founded by real estate finance veterans John Carrick and Robert Lindner, ICM is privileged to invest the commercial real estate allocation of Disney and several other family offices around the country, as well as multiple registered investment advisors (RIAs), high net worth individuals (HNWIs) and foreign capital sources. Principal investments are capitalized through the firm’s various discretionary private equity offerings and are generally styled to help accomplished owners, operators, and developers of commercial properties scale their platforms and assets under management on a national basis by offering strategic co-investment capital. For more information, please visit integratedcm.com.