Located in Chicago’s Lakeview neighborhood, Barry Quadrangle Condominium Association was sold on April 13, 2021 and will be converted into apartments. Purchased for $32.3 million, this transaction encompasses three condominium buildings. KSN handled the closing of this 115 residential unit condominium association deal during a peak real estate boom and coronavirus pandemic.
The sale of all units, commonly known as a deconversion, was approved by a vote of the unit owners under Section 15 of the Illinois Condominium Property Act. Approval of this transaction required approval of 75% of the ownership.
KSN attorney Ryan Shpritz: “The Barry Quad deconversion lasted 18 months and survived a challenging COVID-19 environment. The team of brokers at Kiser Group, strong Board members, and committed Owners worked together to get the deal closed. It cannot be understated how many unique issues arise during the deconversion process.”
KSN attorney Omar Malik: “Three buildings consisting of distinct concerns. Hundreds of individual sellers. Financing interruptions. The coronavirus pandemic. They all added further complications to this complex real estate bulk transaction. Nevertheless, our firm is distinctively set up to handle these complex deconversion negotiations and ensure that Associations can complete the closing.”
KSN’s full-service Condo Deconversion department is dedicated to navigating the entire Section 15 sales process including legal guidance and administrative support.
As of April 2021, KSN attorneys have closed over sixty condominium deconversions, including:
- 663 W. Grace Street Condominium Association – a Chicago, IL condominium association located in the Lakeview neighborhood with 80 units, closed in April 2021
- Deerfield Gardens Condominium Association – a Lake County, IL condominium association with 36 units, closed in July 2020
- River City – a downtown high rise-condominium association with 449 units, closed in December 2018
- Flats on LaSalle – a downtown condominium association with 250 units, closed in December 2018
- Surfside Condominium Association – a high-rise association located on N. Sheridan with 188 units, closed in December 2018
- Century Tower – a downtown high-rise condominium association located in The Loop with 296 units, closed in February 2018
- 625 Wrightwood – a Lincoln Park condominium association with 98 units (residential and parking), closed in January 2017
- Clifton Village – a Northside Chicago condominium association with 38 residential units, closed in August 2017
- Loyolton – a Northside Chicago condominium association with 42 residential units, closed in December 2017
- 2625 N. Clark Street – a Northside Chicago condominium association with 272 units (residential and parking), closed in November 2016
If your condominium association has been approached by an interested buyer, your association is in the middle of a potential sale or de-conversion, or you are a buyer interested in converting income property into condominiums, please contact KSN to discuss your legal needs. Please visit www.ksnlaw.com or call 1-855-537-0500.
26
Please note the material contained in this article is for educational and informational purposes only and does not constitute legal advice. No attorney-client relationship is established by your review or receipt of the information contained in this article. You should not act on the information discussed in this article without first obtaining legal advice from an attorney duly licensed to practice law in your State. While KSN has made every effort to include up-to-date information in this article, the law can change quickly. Accordingly, please understand that information discussed in this article may not yet reflect the most recent legal developments. Material is not guaranteed to be correct, complete, or up to date. KSN reserves the right to revise or update the information and statements of law discussed in the article law at any time, without notice, and disclaims any liability for your use of information or statements of law discussed on the article, or the accessibility of the article generally. This article may be considered advertising in some jurisdictions under applicable law/s and/or ethical rules/regulations. © 2021 Kovitz Shifrin Nesbit, A Professional Corporation.