Envoi Partners Secures $64 Million Loan From Fortress Investment Group For Chicago Development Site
19 South Lasalle Street
$64,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 21, 2026
AI
The asset involved in this transaction is a development site located at 19 South LaSalle Street in Chicago, IL. The project entails the conversion of the former YMCA headquarters into 207 apartments and includes ground-floor retail space. The financing secured for this development is a construction loan amounting to $64 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $64,000,000
- Lender: Fortress Investment Group
- Landlord: Cory Faulkner & Nate Ernst - Envoi Partners
- Expected Completion Date: 2027
- General Contractor: Power Construction
- Architect: Hartshorne Plunkard
The key individuals involved in this transaction include Cory Faulkner and Nate Ernst, who represent Envoi Partners. They have successfully secured the financing package from Fortress Investment Group for the specified development project.
Players
Troy Grove Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93