Antheus sells East Park Tower amid tightening financial real estate market

Antheus Capital sold the building at 5242 S. Hyde Park Blvd. to New Jersey-based Blumberg & Freilich Equities for $24 million. – Spencer Bibbs

Staff Writer
Antheus Capital, parent company of MAC Properties and owner of a 43-property apartment building portfolio in Hyde Park, has sold the East Park Tower, a 140-unit building it bought in 2008 for $11.4 million to New Jersey-based Blumberg & Freilich Equities for $24 million.

The East Park Tower, 5242 S. Hyde Park Blvd., sits between ongoing development projects that include the demolition of a six-flat building on the land just north of the tower and development plans for the parking lot and retail storefronts on the northwest and northeast corners of 53rd Street and Cornell Avenue.
Crain’s Chicago Business has reported that Antheus is having trouble servicing its mortgage payment for its Hyde Park properties, a claim the firm denies.

Eli Unger, chairman and president of Antheus, said the company is working on refinancing the loan and is intent on securing an even larger mortgage in order to do so. Morningstar Credit Rating estimates a gap of over $40 million in Antheus efforts to secure loan refinancing.
The overall market for real estate financing is not promising, with banks lending conservatively to commercial mortgage-backed securities loans.  Antheus transferred the mortgage for the Hyde Park portfolio to a Maryland-based company, which refers to itself as a “boutique special servicer” of commercial property loans, several months ago.  Antheus has reportedly found a lender that will provide the financing necessary for its operations but details have not been provided.
The purchase of the East Park Tower will mark the first Chicago acquisition for Blumberg & Freilich, a firm largely active in the New York City market.