Berkadia Originates $25,230,600 in Fixed-Rate Debt for Chicago Multifamily Property

Chicago--Berkadia Commercial Mortgage originated $25,230,600 in fixed-rate debt through its FHA/HUD program for the refinance and additional construction of Long Grove House, a multifamily property in Chicago.

Chicago–Berkadia Commercial Mortgage originated $25,230,600 in fixed-rate debt through its FHA/HUD program for the refinance and additional construction of Long Grove House, a multifamily property in Chicago. The loan features a 40-year term and 40-year amortization.

Located on approximately three acres at 2001 S. Michigan Avenue, Long Grove House is a single 30-story structure offering 448 apartment units for rent. Average rents range from $459-$1,400 monthly. The lower level of the building has a beauty salon and common laundry room. Other amenities include a fitness room and a day care center. The property has 317 parking spaces. Property management is provided by The Habitat Company.

Senior Vice Presidents Len Deering CCIM and Tom Sigrist and Vice President Paul Matusiak of Berkadia’s Chicago office originated the transaction. The borrower was Michigan Avenue Associates LLC.

“This loan was a challenging transaction that included a construction portion that has been underway for a year and a new construction piece to be funded with the new loan,” Deering says.