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CHICAGO-Russland Capital Group Inc. has closed on its loan for $66.5 million for its new Michigan Avenue Tower II Condominiums, a 267-unit property going up at 1400 South Michigan Ave. Russland, a partnership of developers Jacob Bletnitsky and Alex Vaisman, says the tower is 83% sold.

The tower is modeled on its predecessor, Michigan Avenue Tower Condominiums, which is one block north and was also developed by Russland. The new Tower II will contain 28 floors of condos, with between seven and 12 units per floor, with four penthouse units. Amenities will include a landscaped deck area with an outdoor swimming pool and a garden that will cover the south portion of the parking garage, with an included dog run.

The loan was arranged by Fremont Investment and Loan, which also handled the loan for the first tower. Scott Manlin, vice president and regional manager of Fairmont's Chicago office, says the development should do fine, though some say high-end condos are struggling in a slight slump.

"It's all still about location," Manlin tells GlobeSt.com. "If a project is well conceived and is in a good location, it will do fine. The markets differ, but Michigan Avenue, the Gold Coast and Streeterville still remain strong, and demand exists."

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Russland Gets $66M Loan for Condo Tower

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