River 595

FOR IMMEDIATE RELEASE– Exclusive to Crain’s until Tuesday, October 12

October 8, 2010.  Chicago, Illinois.  Yesterday, Morningside Des Plaines, LLC, an affiliate of Chicago-based Morningside Equities Group, Inc., acquired a partially-completed multi-family building located in downtown Des Plaines, Illinois from an affiliate of Fifth Third Bank.  The building, previously named The Brookwood and intended to be sold as condominium units, is a 60-unit pre-cast concrete building located at 595 S. River Road in downtown Des Plaines and has been renamed River 595.  Purchase price of the property was $4.1 million.

Completion of the building will begin immediately, and the property will be operated as a luxury rental building.  First occupancies are expected in Spring, 2011.  Wells Fargo Bank provided construction financing for the acquisition.

Morningside is a Chicago-based real estate development firm that specializes in the development and redevelopment of mixed-use and multi-family properties in urban locations.  The company will oversee the construction as well manage leasing and property operations.

Last year, a Morningside affiliate acquired the 252-unit Northshore Estates rental community in Highwood, Illinois.  That was renamed Fort Sheridan Place Luxury Rentals and is currently undergoing a complete interior and exterior renovation and market repositioning.

For further information, please contact:

David M. Strosberg
Morningside Group
223 West Erie Street, 3rd Floor
Chicago, IL  60654
312-280-7770 x14
312-280-5353 fax
312-804-2144 mobile