Roosevelt Collection sells at half its cost

Roosevelt Collection, 150 W Roosevelt Rd, Chicago

Crain’s Chicago Business is reporting (apparently behind its paywall) that a deal is imminent for the sale of the Roosevelt Collection in the South Loop.

The sale of the project, which cost approximately $350 million to build, will fetch between $160 and $175 million, according to the Crain’s report, resulting in the loss of Centrum Properties’ equity in the project, and a substantial loss for the lenders that ponied up $285 million to build it.

The apartments at the project are 92% leased, according to Crain’s while the retail remains vacant except for the Kerasotes Theater. Last December we noted that apartment rental bedbugs were continuing to lie about the state of the retail.

The buyer is a joint venture of developer Dan McCaffery of McCaffery Interests and LA-based Canyon Capital Realty Advisors LLC.

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