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Highlights
Multifamily developer Newstreet acquired a seven-story office building at 1165 North Clark Street in the Gold Coast for $6.8 million.
The firm plans to convert the office portion into up to an 80-unit multifamily complex, with construction expected to start next summer and a move-in target of 12 to 13 months.
The acquisition was funded by a $5.5 million loan from CRE Bridge Capital and $1.3 million contributed by Newstreet and an anonymous equity partner.