Chicago – After more than a year of negotiations and setbacks, ESG Kullen closed on the most expensive condo deconversion in Chicago history.

The multifamily investment firm paid $107 million for a 391-unit building at 1400 North Lake Shore Drive. New York-based ESG also secured a nearly $93 million loan from Arbor Realty Trust to finance the purchase and a substantial renovation, The Real Deal has learned. RE Journals first reported on the sale last month.

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