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Berkadia Arranges $76M Refinancing for Apartment Building in Chicago

The property, 1407 On Michigan, is situated at 1407 S. Michigan Ave.

CHICAGO — Berkadia has arranged a $76 million loan for the refinancing of 1407 On Michigan, an apartment building in Chicago. Located at 1407 S. Michigan Ave., the property features amenities such as a gym, indoor basketball court, sauna, yoga studio and outdoor pool deck. The Class A building includes 199 luxury apartment units and 41,498 square feet of retail space that is currently occupied by Rush University Medical Center. Chris Blechschmidt and Joel Kirstein of Berkadia secured the refinancing on behalf of the borrower, Illinois-based Russland Capital. Ares Management provided the loan.

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