Invesco Backs CEDARst Chicago Asset Development With $91M Loan

The joint venture behind a luxury residential tower in Chicago has secured a $91.05 million loan from Invesco Real Estate to further finance its acquisition and future building improvements.

In an all-cash deal, CEDARst Companies and Kayne Anderson Real Estate acquired the Millie on Michigan property in July 2025, a 47-story multifamily asset located at 300 N. Michigan Avenue in Chicago’s Loop.

The development aligns with CEDARst’s ongoing opportunistic investment portfolio.

The sale price then was undisclosed but, according to CEDARst, the acquisition was one of the largest post-pandemic multifamily transactions in Chicago.

Occupancy exceeded 95% at the time of purchase.

Completed in 2022, Millie on Michigan includes 289 luxury apartments and 25,000 square feet of retail space. Amenities include a rooftop pool and lounge, coworking spaces, a fitness center, a dog run, and integrated smart home technology.

The latest loan proceeds from Invesco, a global real estate investment manager which reports $83 billion in real estate assets under management, will support the venture’s long-term investment strategy, according to the JV companies.

“This financing provides the resources to further strengthen Millie on Michigan,” said Will Murphy, chief executive officer of CEDARst Companies. “We’re focused on enhancements that elevate the resident experience while reinforcing our long-term commitment to Chicago’s multifamily market.”

In June of this year, CEDARst recently broke ground on its first Florida OZ mixed-use development.

Kayne Anderson Real Estate is a real estate investment firm, managing approximately $18 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson, a $38 billion alternative investment management firm

CEDARst Companies is an integrated real estate developer, headquartered in Chicago. CEDARst currently manages a portfolio of multifamily real estate valued in excess of $4 billion, totaling more than 10,000 units across numerous markets, including Chicago, San Diego, Portland, Minneapolis, and Cleveland.

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