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CHICAGO-A property with multi-family units and medical office space that was part of the former Ravenswood Medical Campus recently changed hands. The property at 4500 Winchester Ave. was sold to two private individuals in Chicago. The pair received $15.5 million in acquisition financing with an approximate 88% loan-to-cost, a total cost of approximately $17.6 million for buying the property, capital improvements, tenant improvement allowances and leasing commissions.

Members of the local development group Seay & Thomas Inc. sold the property. The term of the financing is three years, says Adam Levinson, director with Cohen Financial, which secured the financing. The interest rate is LIBOR plus 275 basis points, Levinson says. The lender is Grandbridge Capital, based in Birmingham, AL.

The property has 67,000 sf of medical office space and 83 multi-family units. The medical office space is 95% leased. The multifamily units are “relatively well-leased” with 90% to 95% occupancy, but the rents are low for the area, Levinson says. Also included in the sale are approximately 70 parking spaces in an adjacent parking structure.

Ravenswood Hospital Medical Center was closed by the Advocate Health Care System in 2002, and sold later that year to the local development group for $14.3 million, as previously reported by GlobeSt.com. The neurosurgery facility was reportedly sold to the Chicago Institute of Neurosurgery and NeuroResearch. The remaining “three to four shuttered buildings” are expected to be redeveloped, with some of the property being developed into townhomes, Levinson says.

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