Morguard expands presence in Chicago, Illinois

Friday, January 3, 2020

Morguard North American Residential REIT announced it has completed the acquisition of the luxury residential complex, the Marquee at Block 37, located in Chicago, Illinois.

The REIT has acquired the remaining 51 per cent from Morguard’s investment partner with whom the property was developed in 2016. Morguard Corporation will now operate the property on a 50/50 joint venture basis with the REIT.

The contemporary high-rise apartment building features studio, convertible, 1, 2 and 3-bedroom apartment homes. Each suite features upscale finishes, natural light spaces and unique lake and city views right from the heart of the Loop. The superb downtown location at Block 37 offers tenants instant access to a variety of retailers, restaurants and theatres.

Concurrent with the acquisition, the REIT and Morguard completed a mortgage financing on the property in the amount of US$165.0 million for a 10-year term at an interest rate of 3.27 per cent.

As both owner and manager of the 1,953 apartment suites, the acquisition represents a significant expansion of Morguard’s footprint in the Chicago area. In addition to the Marquee at Block 37, other high-rise multi-suite residential assets in the city include: Alta at K Station and Coast at Lakeshore East, also located in the Loop area.

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