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Highlights
AmTrust is focusing on Chicago's multifamily sector, acquiring the tower at 220 West Illinois Street for $77 million as a strategic move away from the volatile office market.
The sale resulted in a brutal exit for seller Cortland, which took a nearly 27 percent valuation haircut and a $28 million loss on the property, despite record-high rents in the submarket.
The acquisition is concurrent with severe distress in AmTrust's Chicago office portfolio, including the Illinois Center complex falling into receivership, with its occupancy dropping to 48 percent and its valuation slashed from $390 million to $85.7 million.