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Formerly Distressed South Shore Apartments Land Permanent Refi
Berkadia recently secured financing for Park Heights at the Lake, a 106-unit high-rise multifamily property in the South Shore neighborhood of Chicago’s South Side. Managing director Jason Brown and senior real estate analyst Austin Katai secured the $22.575 million in permanent refinancing for the borrower, Indianapolis-based Zidan Management Group.
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 affords residents convenient access to University of Chicago, Sixty-Seventh Street Beach and downtown Chicago.
- ◦Financing
