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CHICAGO-Russland Capital Group Inc., based here, has received amezzanine loan, which completes its construction funding forMichigan Avenue Tower Two. Russland received an $8.6 million loanfrom Terra Capital partners, based in New York, says Dan Cooperman,managing director of Terra. Russland, a partnership of developersJacob Bletnitsky and Alex Vaisman, had previously received a $66.5million construction loan arranged by Fremont Investment and Loan.Vaisman pegged the value of the tower at about $102 million andsaid it will cost approximately $62 million to construct it.

The 28-story condominium tower, at 1400 S. Michigan Ave., willhave 267 units. The tower is modeled on its predecessor, MichiganAvenue Tower One, which is one block north at 1250 S. Michigan Aveand opened in March 2005. There will be between seven and 12 unitsper floor, with four penthouse units. Units will range in size frombetween 750 sf to about 3,000sf with the price ranging from$220,000 and $2 million, Vaisman says. The units are about 85%pre-sold with only about 40 units remaining, he says.