Canyon Partners Real Estate LLC (“Canyon”) today announced that it has provided a $106.3 million senior loan to a joint venture controlled by Mavrek Development (“Mavrek”) to refinance The Saint Grand, a Class-A multifamily property located in the Streeterville submarket of downtown Chicago, Illinois. The transaction was facilitated by JLL Capital Markets.
The Saint Grand is a newly built, 21-story mixed-use tower featuring 248 market-rate apartment units, a 103-stall parking garage and 46,946 square feet of retail space. Apartment units include floor-to-ceiling windows, luxury plank flooring, custom quartz countertops, and in-unit washer and dryers. The retail portion of the property is leased to three retailers: Club Studio Fitness, Wintrust Bank, and Tropical Smoothie Café.
The property offers a range of amenities including co-working areas, EV charging stations, bike storage, 24/7 concierge, an outdoor pet area and an expansive rooftop terrace with a state-of-the-art fitness center, swimming pool, fire pit, and grilling stations.
Located in the heart of Streeterville, The Saint Grand is a short walk from Magnificent Mile, Northwestern Medicine’s 7-block Downtown Medical Campus, and lakefront recreation areas along Lake Michigan. The property is directly across the street from a Whole Foods Market and within four blocks of a Trader Joes and a Target grocery store.
Canyon is actively expanding its deployment of bridge debt capital on commercial real estate assets in primary and secondary markets across the United States. For multifamily projects specifically, since its inception, Canyon has invested $3.0 billion of debt and equity capital, capitalizing $14.6 billion of total multifamily projects.
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