PCP Generational Partners And Structured Development Secure $135M Refinance From Rialto Capital For 327-Unit Tower

The Foundry is a multifamily property located at 1475 North Kingsbury Street in the Chicago market. The asset features 327 units and was refinanced with a loan amount of $135,000,000. This refinancing replaces an $89,000,000 construction loan and supports the final phase of the Wendelin Park mixed-use project, which has a total investment of $250,000,000. The tower was completed in late 2023.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $135,000,000
• Lender: Jeff Krasnoff - Rialto Capital
• Landlord: Zac Ponsky - PCP Generational Partners
• Landlord: Christopher Lynch - White Oak Realty Partners
• Landlord: Michael Drew - Structured Development
• Brokers: John Parrett - CBRE
• Brokers: Elizabeth Arnold - CBRE
• Brokers: Thomas Keating - CBRE
• Brokers: Jim Ferris - CBRE
• Brokers: Jake Durburg - CBRE
• Brokers: Peter Marino - CBRE
• Brokers: William Howe - CBRE
• Brokers: Harmony Morrison - CBRE

A joint venture consisting of PCP Generational Partners, Structured Development, and White Oak Realty secured the refinancing, which was arranged by CBRE. This collaboration highlights the significant role of the involved parties in the successful completion of the financing for the property.