Concord Summit Capital, LLC (“Concord Summit” or “CSC”) has arranged $25.14 million in bridge financing for The Archer, a 68-unit multifamily property located in Chicago’s prestigious Gold Coast neighborhood.
Concord Summit’s Managing Director, Daniel Eidson, and Senior Analyst, Ben Applebaum, sourced the financing on behalf of the sponsor, YK Investments.
Located at 1211 N. LaSalle at the prominent intersection of Division and LaSalle, The Archer offers residents panoramic rooftop views and convenient access to top-tier dining, shopping and transit. The building features spacious one- and two-bedroom layouts with luxurious, custom finishes, positioning it as one of Chicago’s premier condo deconversion projects.
YK Investments is a veteran in Chicago’s multifamily market, having successfully deconverted thousands of condominium units. The firm has consistently partnered with institutional investors, international capital and high-net-worth family offices to implement value-add strategies and capitalize on the city’s persistent pricing inefficiencies.
“This was a unique opportunity where our client—an LP—was taking control of the asset from the GP,” said Eidson. “We structured a 100% LTC, non-recourse financing solution that recognized the equity already in place. The result was a zero cash-to-close execution, giving our client the ability to complete the renovation strategy and maximize value.”
Concord Summit Capital is a leading intermediary between sponsors and providers of capital for commercial real estate debt and equity financing. CSC provides three independent services across its investment platform. The Concord Summit Capital Advisory Team provides fee-based advisory services for debt and equity transactions for commercial real estate capitalizations, ranging from $3 million to $1 billion. The Advisory Team has arranged over $23 billion of debt, structured financing, and equity. The Concord Summit Capital Investment Team acquires distressed assets and non-performing loans from all banks and financial institutions across the nation. The Concord Summit Capital Fund Team invests in commercial real estate debt and equity structures in transactions ranging from $2 million to $35 million.
