Berkadia announced today the financing secured for Park Heights at the Lake, a 106-unit high-rise multifamily property in Chicago, Illinois. Managing Director Jason Brown and Senior Real Estate Analyst Austin Katai of Berkadia Indianapolis secured the $22.575 million in permanent refinancing on behalf of the borrower, Indianapolis-based Zidan Management Group. The deal closed on October 28.
The Freddie Mac loan provided a significant cash out to the borrower after completing a full renovation and repositioning of the property.
“Our client acquired the former Shoreline Apartments, a distressed multifamily deal in the South Shore neighborhood and successfully completed a gut rehab and renovation of this historic property,” said Brown. “With this Freddie Mac refinance, Zidan was able to recoup much of their equity in the deal with an aggressive interest rate and structure.”
Located at 2231 E 67th St., Park Heights at the Lake features studio, one- and two-bedroom and penthouse floor plans with renovated kitchens and in-unit washers and dryers. Community amenities include a fitness center, a skydeck and a residential lounge. The property affords residents convenient access to University of Chicago, Sixty-Seventh Street Beach and downtown Chicago.