Q Investment Partners (QIP), the Singapore-headquartered private equity real estate firm, closed on its construction debt for its U.S. co-development with Chicago-based Melrose Ascension Capital, which will fund and execute the development of 633 S LaSalle, a Class-A multifamily residential project in the heart of Chicago.
Following QIP’s successful track record in UK purpose-built student accommodation, the project marks QIP’s first US residential development project alongside MAC. The project was made possible following a $63.7 million construction loan, syndicated between Glacier Global Partners, BH3 Management and Petros PACE Finance, with equity provided by private investors and Bank Julius Baer.
QIP and MAC joined forces to reposition and revamp the legacy scheme, previously acquired from PMG and The Collective. The multifamily, residential development will be a mix of studios, convertibles, and two-, three- and four-bedroom apartments on Printers Row in Chicago’s South Loop neighborhood.
Designed by FitzGerald, the residential building will rise 17 stories, comprising 358 total beds complemented by expansive rooftop amenities (including a fitness center, lounge, game room, and private event space), an outdoor pool and terrace, and ground floor co-working space for residents. Rents start at $1,650 a month.
The building is slated for completion in the fourth quarter of 2024.
