Real Estate Briefly: Yorba Linda Complex Sold for $17M; Bascom Group Joint Buys Top $31M
Spirit Bascom Ventures, a partnership between Irvine-based Bascom Group and Stamford, Conn.-based Spirit Investment Partners, has acquired a 1920s-era, nine-story building in Chicago for $18.8 million, its second acquisition in the city in the past year. The property is in the Rogers Park neighborhood, a few blocks north of Loyola University’s flagship Lake Shore campus. Todd Stofflet of KIG CRE represented the seller in the off-market transaction. Andy Feinberg, Marc Schulder and David Harte from Ackman-Ziff arranged a first mortgage loan from local lender First Midwest Bank and mezzanine loan from New York-based Hillcrest Real Estate. The building contains 160 rental units with unobstructed views of Lake Michigan and roughly 10,150 square feet of fully leased retail space.