Chicago & Midwest + North Side + Apartments | April 7, 2021

Meridian Arranges Refi on Geothermal Mixed-Use in Lakeview

Meridian Capital Group arranged $57 million in financing to refinance The Residences at Eagle Building, a newly constructed, mixed-use, geothermal property in the North Side’s Lakeview neighborhood, on behalf of Dave Gassman of DLG Management.

The 15-year loan, provided by an insurance company, features a rate of 3.00%. It was negotiated by Chicago-based Meridian managing director Gershon Friedman.

Located at 3817-45 North Broadway, the property was completed in 2019. It includes 20,000 square feet of commercial space in addition to 134 studio- to three-bedroom apartments.

“The Residences at Eagle Building is a unique, first-of-its-kind property in the Midwest,” said Friedman. “Dave Gassman’s idea to develop a geothermal mixed-use property is ingenious; not only is the building environmentally friendly, but it also allows him to mitigate risk and enhance bottom line performance by regulating utility expenses, which are a fraction of what they would be otherwise.”

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About Paul Bubny

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).