X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

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

The 28-story condominium tower, at 1400 S. Michigan Ave., will have 267 units. The tower is modeled on its predecessor, Michigan Avenue Tower One, which is one block north at 1250 S. Michigan Ave and opened in March 2005. There will be between seven and 12 units per floor, with four penthouse units. Units will range in size from between 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.

Amenities include a landscaped deck with a swimming pool, a botanic garden that will cover the south portion of the parking garage, with an included dog run. The tower will also have about 9,000 sf of retail. The retail space will include “service” businesses such as a restaurant, cleaner, coffee shop, sundry store or small boutique, Vaisman says. Construction began about four months ago and the property should open in the fall of 2008, says the company. Walsh Construction Co. is the general contractor for the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.