Cedar St. Recapitalizes Bush Temple Of Music, Set To Break Ground On Adjacent Apartment Tower
Cedar St. Cos. will break ground later this month on a 16-story micro-apartment tower adjacent to the historic Bush Temple of Music after bringing in a new investor to the project in a complex $93M recapitalization.
Quadrant Real Estate Advisors, on behalf of a Florida institutional investor, provided Cedar St. with a construction to permanent debt facility. Under the terms of the deal, Cedar St. will retain a 25% stake in the project, and the new venture will hold the development long term. Cedar St. already converted the Bush Temple of Music into 101 micro-units and ground-level retail.
The deal values the Bush Temple at $52M, while the tower will cost $41M. Cedar St. announced its plans for the tower in October 2015. The new building is being targeted for a fall 2019 delivery and will be connected to Bush Temple via a shared lobby.
Cedar St. has two other notable redevelopments near downtown. The firm is wrapping up a 150-unit redevelopment at Erie and Lasalle, and is repurposing the Salvation Army's old West Side Freedom Center campus into a mix of apartments and retail.