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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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