Jonathan Rose Companies has recently completed the purchase of a Chicago apartment building for $55 million. The New York City-based firm acquired the 186-unit Webster House at 2150 N. Lincoln Park West from Webster House Associates, a Chicago-based company. According to reports from the Chicago Business Journal, CBRE’s John Jaeger, Justin Puppi, and Tim Flint represented the seller in this transaction while Jonathan Rose was represented internally.
This acquisition adds another property to Jonathan Rose’s multifamily portfolio in Chicago, bringing their total number of units in the city to 2,346. The company plans on making upgrades and improvements to this newly acquired property with financing assistance from JPMorgan Chase & Co., who arranged $31.5 million of debt financing for this deal including an additional $7 million for initial renovations.
Renovations are expected to begin in early 2025 under the supervision of Prairie Management & Development Inc., a developer based out of Chicago. Nathan Taft, partner and chief investment officer at Jonathan Rose Companies expressed his excitement about expanding their presence in high-opportunity neighborhoods like Lincoln Park by preserving critical housing through projects like this one.
