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Dermot Company’s Stephen Benjamin with Seabourn Cove at 3501 North Federal Highway (Linkedin, Google Maps, Seabourn Cove)
Dermot Company paid $143 million for an apartment community in Boynton Beach, a record for 2021 and one of the most expensive multifamily deals in more than a year.
Property records show Heitman Capital Management affiliate Hart Seabourn Cove sold the 308-unit community at 3501 North Federal Highway and the 148-unit second phase at 3480 Old Dixie Highway to Seabourn Cove Holdings LLC, which is linked to New York-based Dermot.
The buyer financed the purchase with an $84 million mortgage from TIAA, records show. The Boynton Beach community sold for about $314,000 per unit.
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Akara Partners CEO Rajen Shastri, top right; Hersha Hospitality CEO Naveen Kakarla; and Home2 Suites on Huron Street. (Akara, Hersha, Hilton)
Less than two months before the pandemic took hold, Akara Partners snagged a $57 million refinance on its newly built 206-room extended-stay hotel in River North.
Almost exactly a year later, as Covid-19 continues to devastate Chicago’s hospitality industry, the developer has recapitalized its Home2 Suites by Hilton property with an investment from Hersha Hospitality Management, Crain’s reported.
The recap on Home2 Suites at 110 West Huron Street comes as hotels across the city, and the country, have been struggling to survive.
The new owner of the Carbide & Carbon Building plans to open a rebranded hotel in the North Michigan Avenue landmark by this spring, offering a rare vote of confidence to a downtown Chicago tourism market that has been pummeled by COVID-19. The Pendry Chicago will replace the former the St. Jane Hotel.
Lakeshore East’s developer is chopping the height and eliminating one of two hotels from a skyscraper planned for near Millennium Park, after nearly a year of devastation to the travel industry caused by the COVID-19 pandemic. Magellan Development Group also is proposing a decrease in the number of apartments in the project at 193 N. Columbus Drive. In a plan approved by the Chicago Plan .
Lakeshore East’s developer is chopping the height and eliminating one of two hotels from a skyscraper planned for near Millennium Park, after nearly a year of devastation to the travel industry caused by the COVID-19 pandemic.