Cain International, the privately held investment firm led by Jonathan Goldstein, today announced that it has closed a $117 million development loan to Lendlease and Aware Super for the delivery of The Reed at Southbank, a 513,400-square-foot, 440-unit residential tower in Chicago’s South Loop.
Comprising 224 rental apartments and 216 for-sale condominiums, The Reed is the second phase of Southbank, a 7-acre master plan being delivered by Lendlease and Aware Super. It includes over 2 acres of green space and an adjacent riverwalk, both of which are maintained by Lendlease as public amenities. Designed by international architects Perkins and Will, the 436-foot tower boasts residences with panoramic views of the adjacent Chicago River, Lake Michigan and Chicago’s iconic downtown skyline. The project is expected to be completed in 2023.
Matthew Rosenfeld, Head of US Debt at Cain International said, “Cain has firmly established its US portfolio with projects in New York, Miami, Los Angeles, and beyond; with The Reed, we’re making a significant stride into the Chicago market – one of the largest and most important in the country. Moreover, Lendlease and Aware Super represent a world-class partnership with deep local roots, and who share our conviction in the resiliency of urban living.”
Added Theodore Weldon, Executive General Manager, Chicago, Development at Lendlease: “As the second phase of our Southbank development, The Reed continues our vision of creating a vibrant, sustainable waterfront community in the heart of downtown Chicago. We’re thrilled to be partnering with Cain International for this monumental project, which reflects Lendlease’s broader commitment to urban regeneration and ability to create destinations that serve the greater community.”
Cain provides unique capital solutions across various sectors, including hospitality, residential, office, leisure, and entertainment which target the evolving lifestyles of today’s consumers. The Company is known for creating unique programmatic joint ventures, structured to enable its partners to be agile as they develop their businesses.
