National real estate developer CEDARst Companies has completed the refinancing of The Sally, a newly delivered 180-unit multifamily community located at 1131 and 1135 W. Winona Street in Chicago’s Uptown neighborhood.
The $31,005,000 five-year, 5.36% fixed-rate loan from Fannie Mae includes a three-year interest-only period, followed by a 35-year amortization schedule for the remaining two years of the term.
The five-year loan was originated by Berkadia Commercial Mortgage LLC and arranged by Michael Slovitt of Berkadia’s Mortgage Banking team.
Delivered in two phases between 2023 and 2024, The Sally has achieved 97% occupancy and reported 5% rent growth on new leases, positioning it as one of the strongest-performing assets in CEDARst’s recent Chicago pipeline. The refinancing takes out the property’s original construction loan and transitions it into long-term, stabilized financing.
The Sally offers 5,755 square feet of ground-floor retail space, complementing a full suite of resident amenities including a rooftop deck, resident lounge, and fitness center. The project is the final installment of CEDARst’s planned development alongside The Draper, completing a two-building residential corridor just steps from public transit and the lakefront.
CEDARst Companies is a nationally recognized multifamily real estate developer with offices and active projects across the United States. The firm’s portfolio spans eight states, concentrated on the West Coast, Upper Midwest, and South Florida. To date, CEDARst has developed more than 10,000 residential units, representing over $4 billion in total asset value
