D
raper & Kramer has relisted Eleven Thirty, a 656-unit apartment tower in the South Loop, with an assumable low-interest loan. The Chicago-based developer is seeking a buyer through CBRE's John Jaeger, Justin Puppi, Jason Zyck, Danny Zeboski and Pete Marino. The property at 1130 South Michigan Avenue features ground-floor retail and has been over 95% leased since its construction in 1967.

    The assumable loan from Allianz Life Insurance was issued in 2017 with a 3.7% interest rate, significantly lower than current market levels. With a remaining balance of $85.8 million ($130,800 per unit) and maturity in 2047, monthly payments for principal and interest total $463,000.

    Eleven Thirty's asking rents are $2,306 per unit or $3.03 per square foot, according to CoStar data. The building has a long history of stability, with Draper & Kramer initially listing it last year but not securing a sale.

    The assumable loan structure is becoming increasingly popular in Chicago's challenging market, as seen in recent sales such as Brix on Morse and the Haven on Long Grove. This approach offers investors a hedge against potential interest rate hikes, making it an attractive option for those seeking stable long-term returns.