The Chicago office of Berkadia recently arranged $7.3 million through Freddie Mac for Beachwalk Apartments, a multifamily property located in the Lincoln Park area of Chicago. The Berkadia team of Senior Vice President Len Deering CCIM and Assistant Vice President Keith Millikan worked with borrower TLC Management Co. to originate the five-year, fixed-rate financing.
The loan, which features a 3.07 percent interest rate and 30-year amortization schedule, will be used to refinance existing debt on the property. Located at 420 W. Fullerton Parkway, Beachwalk Apartments offers 103 total units, including 66 studios and 37 one-bedroom units. The property is currently 99 percent occupied.
“The commercial real estate business is a relationship business, and this transaction marks the eighth time we’ve worked with TLC Management Co.,” said Deering. “We’re very familiar with their business and overall goals, so we were able to quickly identify Freddie Mac as the best lending source and close the deal in short order.”
Built in 1923, the five-story elevator building sits within blocks of Lincoln Park, Lake Shore Drive and Lake Michigan.