J
ames Letchinger's JDL has partnered with John Schreiber, a former Blackstone executive, to acquire The Parker Fulton Market at a reduced price. The 227-unit apartment building was sold by a venture of J.P. Morgan Asset Management and Atlantic Residential for more than $90 million but less than $100 million, significantly lower than the original $111 million purchase price in 2017. Schreiber's Lake Forest-based family office Centaur Capital Partners joined forces with JDL to manage the property and further their relationship with Blackstone Real Estate Advisors co-founder Schreiber.

    The sellers took a loss on the deal, while Northwestern Mutual provided a five-year fixed-rate loan for about 65% of the final price. The sale marks another Chicago real estate loss for J.P. Morgan's investment arm, following the sale of an apartment building at 850 North Lake Shore Drive to Crescent Heights for $80 million, significantly below its original purchase price.

    The Parker Fulton Market was built by Shapack Partners and Focus Development in 2016 as part of the transformation of Fulton Market into a thriving commercial hub. JLL represented both the sellers and buyers in the deal, with Kevin Girard, Mark Stern, and Zach Kaufman leading the seller's team and Danny Kaufman, Matthew Schoenfeldt, and Medina Spiodic arranging the financing for Schreiber's firm.