Berkadia secured financing of $10 million for the vintage Dearborn Plaza Apartments at 1030 N. Dearborn in Chicago.
Jeanne Peck of Berkadia’s Chicago office negotiated the Nov. 22 transaction on behalf of H.A. Langer & Associates.
The loan was a long-term, fixed-rate permanent financing funded by one of Berkadia’s correspondent life-insurance companies. The financing was rate-locked at application for a 50 percent loan-to-value structure.
Built in 1932, the 216-unit property located in Chicago’s Gold Coast neighborhood features all studio units.
