Concord Summit Capital Secures $25M for Gold Coast MF Acquisition

Concord Summit Capital Secures $25M for Gold Coast MF Acquisition
News| June 19, 2025| Jasmine Kilman
Chicago & Midwest + Apartment Buildings

Concord Summit Capital has arranged $25.14 million in bridge financing for The Archer, a 68-unit multifamily property located in Chicago’s Gold Coast neighborhood.

The funding enabled an existing limited partner to acquire full control of the asset from the general partner and initiate a renovation of the remaining units. Concord Summit’s Managing Director, Daniel Eidson, and Senior Analyst, Ben Applebaum, sourced the financing on behalf of the sponsor, YK Investments.

Located at 1211 N. LaSalle, The Archer offers rooftop views and convenient access to dining, shopping and transit. The building features one- and two-bedroom layouts. “This was a unique opportunity where our client—an LP—was taking control of the asset from the GP,” said Eidson. “We structured a 100% LTC, non-recourse financing solution that recognized the equity already in place. The result was a zero cash-to-close execution, giving our client the ability to complete the renovation strategy and maximize value.”

Other News

Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap

Apartment Buildings

Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...

Learn more

Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap

Apartment Buildings

An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...

Learn more

Revere, MA Weighs 1,700-Unit Housing Project

Boston & New England + Apartment Buildings

The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up