Morguard North American Residential REIT Acquires 50 Percent Ownership Position in Luxury Residential Complex in Downtown Chicago

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[{"type":"text","content":"\n\n\n\n\nMorguard North American Residential REIT Acquires 50 Percent Ownership Position in Luxury Residential Complex in Downtown Chicago\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, Nov. 6, 2019\n\n\n\nThe REIT has agreed to acquire remaining interest in the Marquee at Block 37, a premium multi-suite residential property at the heart of Chicago's coveted Loop\n MISSISSAUGA, ON, Nov. 6, 2019 /CNW/ - Morguard North American Residential REIT (TSX: MRG.UN) (the \"REIT\") announced today that it will acquire a 51% ownership interest in a luxury residential complex, the Marquee at Block 37, in Chicago, Illinois. The REIT has agreed to acquire the remaining 51% not already owned by Morguard Corporation (\"Morguard\") from its investment partner, with whom the property was developed in 2016. On closing, Morguard will increase its ownership from 49% to 50% and will operate the property on a 50/50 joint venture basis with the REIT.  \nThe transaction is expected to close by mid-December for a purchase price of US$265.0 million (on a 100% property value basis). Management has secured 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%.\nThe Marquee at Block 37 is a 38-storey, high-rise apartment building located at the corner of West Randolph Street and North State Street in the heart of the city's downtown and features 691 rental apartments, 130 parking spaces and extensive best-in-class amenities.\nThe property offers studio, one, two and three bedroom apartments ranging in size from 650 square feet to 2,100 square feet and features upscale finishes, spaces filled with natural light, and unique lake and city views from the heart of the Loop. The Marquee at Block 37 sits atop Block 37, a third party owned, 275,000-square-foot, four-storey vertical mall with 276 retail spaces. The property is connected to the Loop's pedway system, which offers subterranean shelter from the city's varied weather conditions. \n\"Our investment in this i...

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