Updated Mar 17, 2025
Lendlease Secures $47.4M Refinance Loan For The Reed Condominiums In Chicago
234 West Polk Street
$47,400,000
Units
216
Asset Type
MultiFamily
Closing
Jun 24, 2024
About this deal
AI
The Reed Condominiums, a newly completed 216-unit development located at 234 West Polk Street in Chicago's South Loop, received a $47.4 million loan from Emerald Creek Capital. The property, which includes a 41-story residential tower and 224 rental apartments, had its previous construction debt retired through this refinancing deal.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $47,400,000
- Landlord: Tony Lombardo - Lendlease
- Lender: Christian Galanti - Emerald Creek Capital
- Brokers: Erik Storz & Sebastian Marin - KeyBank Real Estate Capital
Erik Storz from KeyBank Real Estate Capital, along with Sebastian Marin, represented the deal as brokers, facilitating the refinance of The Reed Condominiums. This loan secured by Lendlease was part of their strategic decision to exit the U.S. market, with Consigli Building Group set to take over their operations in New York and New Jersey.
Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit KeyBank to view all their deals.
Browse Chicago multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93