An affiliate of CA Ventures secured a $55M refinancing package for a downtown student housing community. The loan was originated by Square Mile Capital Management for CA Student Living, and the loan's proceeds will be used to pay off the original loan on the property, Infinite Chicago.
The 404-bed development at Jackson and Wabash is in the landmark Gibbons/Steger buildings, a pair of 18- and 19-story towers built as office between 1910 and 1912. CA Ventures acquired the buildings in 2012 and completed the conversion two years later. The property is downtown, steps from the Central Loop, Grant Park, Michigan Avenue and public transportation and in the heart of Chicago's student housing population.
In a tight Chicago student housing market highlighted by declining enrollments, Infinite Chicago is a solid performer. Kendall College and the Art Institute of Chicago control master leases for a large portion of the property's beds. The remaining tenant roster includes a mix of students from DePaul University, Columbia College Chicago and Roosevelt University. Infinite Chicago also houses 6K SF of retail with a tenant mix including 7-Eleven and a handful of quick service casual restaurants.
HFF's Stephen Skok helped arrange the financing. CA Ventures has been busy in the Central Loop. In June 2017, the firm acquired the Century Building at 202 South State St. and the Consumers Building at 220 South State St. for $10.4M and will convert them into 429 apartments in a $141M redevelopment.
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