Finance N Illinois

Berkadia provides $10 million in financing for vintage Chicago apartment building

Berkadia secured financing of $10 million for the vintage Dearborn Plaza Apartments at 1030 N. Dearborn in Chicago.

Jeanne Peck of Berkadia’s Chicago office negotiated the Nov. 22 transaction on behalf of H.A. Langer & Associates.

The loan was a long-term, fixed-rate permanent financing funded by one of Berkadia’s correspondent life-insurance companies. The financing was rate-locked at application for a 50 percent loan-to-value structure.

Built in 1932, the 216-unit property located in Chicago’s Gold Coast neighborhood features all studio units.