On occasion, an out-of-market investment option may present a unique opportunity. The Plymouth is one such circumstance. Located at 417 S. Dearborn St., it is a turn-of-the-century classic building in the heart of downtown Chicago, Illinois. This historic 12-story building features 30 apartments that will be converted for senior coliving. The ground-level lobby plus rooftop club room and terrace will become a special locale for developing a 55+ community centered around an urban experience. The apartments were originally intended for student housing as several universities are located near the property, making them ideal for their re-envisioned purpose. The present master tenant, Sonder, operates a hospitality venue and they guarantee 100% occupancy with extremely reduced costs that are typical for managing a commercial hospitality property. This stable, self-sustaining investment is a desirable acquire and hold while undertaking the planning for its future.
Bambu presented the building and our plan to leverage the equity raised by Victoria Mutual Wealth Management Limited’s direct investment and capital markets activities on our behalf with catalytic debt to Provident Bank & Trust (PB&T) - Chicago. After a thorough evaluation of our senior coliving strategy, PB&T was eager to participate with a Caribbean firm interested in bringing a fresh idea to the area. The amazing location of the Plymouth is in the heart of Chicago’s Loop, surrounded by a wide array of shopping and dining options, universities and public transportation. The property is adjacent to the Harold Washington Library - State/Van Buren transit station and is less than a mile from Chicago’s Auditorium Theatre and popular Grant Park. It will eventually be home to 79 senior coliving residents.
The Chicago Loop is home to some of the city’s premier public spaces, including Buckingham Fountain, Maggie Daley Park and Millennium Park. These open spaces provide the grounds for a number of cultural festivals like the Chicago Jazz Festival, Chicago Blues Festival, Taste of Chicago and Lollapalooza and attract nearly 28.4 million visits per year. The Chicago Loop is home to more than 250 defined cultural assets, including 11 major performance venues and 13 museums and galleries. In 2017 The Art Institute of Chicago welcomed more than 1.61 million visitors. The Chicago Loop is home to 22 institutions of higher education. The Chicago Loop earns its name from the elevated train tracks that form a loop around Lake, Wabash, Van Buren and Wells.
Details about the Chicago Loop is in the Chicago Loop Alliance’s State of the Chicago Loop: 2018 Economic Profile accessible via https://loopchicago.com/do-business/invest/research-and-resources/
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