Berkadia announced the $49 million financing for The Duncan, a redevelopment of the former Salvation Army Freedom Center at 1515 W. Monroe Street into a 260-unit FLATS apartment complex with ground floor retail. Director Michael Slovitt of the Chicago office secured the non-recourse renovation loan on behalf of the Chicago apartment developer CEDARst Companies through Granite Point Mortgage Trust. The deal closed October 11.
“We are excited to bring the FLATS brand to another great neighborhood of Chicago. This asset is straddled between the Medical District and Fulton Market and will offer a more affordable rental option than other recently-constructed apartment projects,” said Will Murphy, managing partner at CEDARst Companies. “Berkadia and Granite Pointe were instrumental in getting this project funded, and we are happy to now begin the renovation process.”
The Duncan is expected to be completed by 2020. The activated lobby is slated to feature a coffee shop within a community lounge, as well as a bar. The property benefits from being only a few blocks from the largest urban medical district in the United States, which consists of 560 acres of medical research facilities, labs, four major hospitals, two medical universities and more than 40 other healthcare-related facilities. Future residents of The Duncan will also be within walking distance of the growing Fulton Market neighborhood.