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Berkadia Supplies Financing on CEDARst Apartments
Berkadia has arranged $49 million in financing for The Duncan, a redevelopment of the former Salvation Army Freedom Center at 1515 W. Monroe St. (pictured) 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.
“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. “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. It benefits from being only a few blocks from the largest urban medical district in the U.S., as well as the Fulton Market District.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development

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