A co-development and joint venture between JLL, Mavrek Development, GW Properties, Luxury Living Chicago Realty, and Double Eagle Development has closed on $102.2 million construction financing with MSD Partners.
JLL worked on behalf of the borrower, Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development, to secure the four-year loan through MSD Partners, L.P. The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Chris Knight.
The joint venture combines a collective track record for success in developing mixed-use multifamily real estate across the Midwest.
In addition, the team has announced the name of the property as The Saint Grand.
Designed by NORR, the 21-story property includes 248 Class-A luxury apartments, 40,000 square feet of office, and 8,000 square feet of street-level retail on the NE corner of E. Grand Avenue and N. St Clair.
The apartments are located at 218 E. Grand Ave., steps from Michigan Avenue shopping, dining and entertainment and walking distance to Lake Michigan and Northwestern Hospital campus.
The development will feature a mix of floorplans ranging from studios to two bedrooms with an emphasis on in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences. There will also be a suite of amenities including an innovative package receiving service offering, co-working lounge, specialized fitness center and outdoor pool and deck.
In addition to the multifamily offering, the property will include Class-A office space with a rare flagship opportunity located at 535 N. St Clair. This is the first Class-A office delivery in Streeterville in several years. The two full floors of office space also include private outdoor space, modern ventilation systems and other intentional post-pandemic health safety elements. Office tenants will be able to enjoy the apartment amenities as an added benefit.
The property will replace a parking garage located at 535 N St Clair. Demolition is underway and groundbreaking is anticipated by the end of the year. The office will be ready for tenant build outs to start Q3 2023, with the residential delivering in early 2024.