Colliers International’s structured finance team of Jeffrey Donnelly, Ulrike Ahrens and Dmitry Levkov has arranged and closed a $52.7 million construction facility for Chicago-based developer Russland Capital Group. Russland is building a 15-story mixed-use tower at 1411 S. Michigan Ave. in the South Loop submarket of downtown Chicago.
The project will consist of 199 market-rate rental units ranging from studios to three-bedrooms, will provide for 141 parking spaces and be heavy on amenities, including an outdoor swimming pool, a sauna, yoga studio, basketball court, 3,000-square-foot gym, club room and two outdoor grilling/dining areas. The project also includes 41,000 square feet of commercial space.
The project sponsor, Russland Capital Group, has executed a wide range of low-, mid-, and high-rise multifamily projects in the Chicago area, including, most recently, two larger towers directly across the street from the subject project.
The $52.7 million, high LTC “stretch first” construction loan was provided by Square Mile Capital Management. The interest-only loan represented a 74% loan-to-cost with an interest rate of LIBOR plus 750 basis points.
