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Pacific Reach Properties buys Chicago rental building for $121M

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Pacific Reach Properties buys Chicago rental building for $121M

Canadian private equity firm Pacific Reach Properties Ltd. purchased the Linea apartment building at 215 West Lake St. in Chicago for $121 million, The Real Deal reported, citing Cook County records.

Developer Moceri & Roszak had placed the 33-story building on the market earlier in 2018 for an estimated $136 million after investing about $98 million in the project, the Dec. 28 report added.

Pacific Reach obtained an $80 million loan from Citibank to fund the deal, the publication reported, citing county records.