CIM Group Sells Stake in Chicago’s Marquee at Block 37

Paul, Weiss advised CIM Group, L.P. in the sale of its majority interest in the Marquee at Block 37, a 690-unit high-rise apartment tower in downtown Chicago, to a Canadian investor group, Morguard North American Residential REIT. The all-cash transaction, which closed on December 9, values the 34-story luxury building at $265 million. Paul, Weiss earlier advised CIM in the construction financing and the permanent financing for the apartment tower.

The Paul, Weiss team included real estate partner Harris Freidus and tax partner David Mayo.