Meridian Capital Group has arranged $57 million in financing to refinance The Residences at Eagle Building, a newly constructed, mixed-use, geothermal property in Chicago, Illinois, on behalf of Dave Gassman of DLG Management.
The 15-year loan, provided by an insurance company, features a rate of 3.00% with $47 million provided initially and the remaining $10 million provided once the property reaches stabilization. This transaction was negotiated by Meridian Managing Director, Gershon Friedman, who is based in the company’s Chicago office.
The first geothermal, privately owned building of its kind in the Midwest, this unique property rests on top of 60 wells that extend 500 feet below ground, supplying heat and cooling for the building, while 130 solar panels on the roof help generate electricity. Apartments feature R-30 insulated walls, insulated and gas filled windows, and electric and energy star appliances. The Residences at Eagle Building is a LEED Certified Gold Standard property.
Located at 3817-45 North Broadway in the heart of Chicago’s Lakeview neighborhood, the property was completed in 2019 and consists of 20,000 square feet of commercial space currently leased to Starbucks, Smylie Brothers, and Lakeview Food Pantry in addition to 134 studio- to three-bedroom apartments.
