NEW YORK, NY – Strategic Properties of North America (SPNA), a Chicago-based real estate investment firm, and Integrated Capital Management (ICM), a capital management firm in Los Angeles, announced the acquisition of Cityfront Place, a 39-tale residential tower in downtown Chicago s coveted Streeterville submarket.
Ideally located on the waterfront at 400 North McClurg Court, where the Chicago River intersects Lake Michigan, Cityfront Place s 480 units are proximate to Michigan Avenue, Lakeshore Drive, and Navy Pier.
The acquisition was financed with a co-GP investment from ICM, an LP equity investment from a Korean global investment manager, and a senior loan from Freddie Mac. Newmark Knight Frank (NKF) represented SPNA in the transaction, and the seller was represented by CBRE.
Integrated invests alongside accomplished owners and operators in their respective areas of expertise, and we believe SPNA is perfectly suited to do its vision for a new and improved Cityfront Place, said John Carrick, managing principal and co-founder of ICM. This acquisition marks the third deal closed in our most recent real estate private equity fund, and it further evidences Integrated s commitment to provide investors a portfolio of institutional quality assets that are truly diversified among sponsors, asset classes and geographic markets.
Built in 1991, Cityfront Place is comprised of studio, one, and two-bedroom apartments, as well as a modest amount of commercial space, including the well-known Lizzie McNeill s Irish Pub. SPNA plans to reposition the property with a program of capital improvements to communal spaces and individual residences as leases expire over the coming three years.

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UNIONDALE, NY – Arbor Realty Trust, one of the nation’s leading multifamily lenders, launched an innovative $2 million rental help program to help thousands of tenants and families significantly impacted by the COVID-19 outbreak. The Arbor Rental Help Program (ARAP) is a unique goodwill initiative intended to supplement existing government rent relief programs and leverage private capital to fill critical gaps for people who are impacted by a loss of income due to COVID-19.
“As one of the most active lenders in the industry offering workforce housing loans, we want to do our part to help ease the burden for those who’ve been severely impacted by COVID-19,” said Ivan Kaufman, President and CEO of Arbor Realty Trust. “For those who have unfortunately lost income and are temporarily unable to meet their rent obligations, we are looking to provide some much-needed relief until they are able to stabilize their situations.”
What makes ARAP unique is its focus on incorporating a partnership with the Company’s ecosystem of borrowers and property owners. Arbor is contributing $1 million to the program and participating borrowers will match Arbor’s advances to its tenants in need to help fill the rent gap during the hard-hit months of May and June. Together, the partnership program will provide $2 million in relief, making financial stability not only for the tenants, but for the borrowers and property owners who provide affordable housing to working families across America.
The program will be offered to tenants at the properties Arbor finances across the country on a first-come, first-served basis.
“I commend Arbor for leading this effort and for making an approach that has the potential for helping so many people,” said Mark Osgood, President of MDO Capital, Inc. “By reaching out and collaborating during this time, as an owner, I am able to help people in a truly meaningful way that, in essence, helps the entire multifamily economic ecosystem.”
David Lynd, CEO of Lynd, which owns and operates more than 20,000 multifamily units across the country, added, “Crisis brings out the right character of human beings. With this program, Arbor has made a statement and we appreciate their efforts.”
“The apartments we finance are homes to millions of workers who comprise the backbone of this nation,” added Kaufman. “We’re all in this together, and if we all come together to help, we can make a notable difference with an eye towards the future and a recovery from this unprecedented health crisis.”

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ATLANTA, GA – Domain Capital Group, LLC, a comprehensive private investment management services firm, announced its subsidiary, Domain Capital Advisors, and Simpson Housing LLLP completed a joint venture with PFA Pension of Copenhagen, Denmark. PFA bought a 49% equity interest in a 13-asset, Class A multifamily portfolio for an aggregate value of $1.05 billion. Domain Capital Advisors will provide oversight and asset management of the newly formed REIT joint venture.
The multifamily portfolio, which was owned by Simpson Housing, is located in high-growth U.S. markets, including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle. It is comprised of 3,487 units that are approximately six years ancient and more than 95% leased at closing. The portfolio serves a mix of urban and suburban lifestyles with both newly built and refurbished product offerings in proximity to transportation infrastructure.
We are excited about our new relationship with PFA Pension and look forward to growing our relationship with them through further acquisitions, said Patrick R. Leardo, executive managing director and chief executive officer of Domain Capital Group. Our team is also proud to continue its longstanding partnership with Simpson Housing. We have managed equity investments in their portfolio for more than 10 years, while providing asset management and advisory support to our operating partner.
Simpson Housing LLLP will serve as the portfolio s property manager on behalf of the joint venture. Accord Capital Partners LLC served as the exclusive financial advisor for the transaction. Terms of the transaction were not told.

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