facebook
Traded Co logo
Submit
Daily limit: 0/10

Lendlease Secures $47.4M Refinance Loan For The Reed Condominiums In Chicago

Property Image
FINANCED
$47,400,000
Sebastian Marin
Erik Storz

Illinois

See Similar Deals
MultiFamily
Financed 06/24/2024
the dealplayerscompscontact
Property Image
FINANCED

Lendlease Secures $47.4M Refinance Loan For The Reed Condominiums In Chicago

234 West Polk Street

See Similar Deals
MultiFamily
Financed 06/24/2024
Sebastian Marin
Erik Storz
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Loan

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:

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

Sebastian Marin
KeyBank
Sebastian Marin
1 deal$47.4M volume
BROKER
Erik Storz
KeyBank
Erik Storz
1 deal$47.4M volume
BROKER
KeyBank
KeyBank
LENDER
Emerald Creek Capital
Emerald Creek Capital
LENDER

Details

FINANCED
IMAGE: Tony Lombardo, Christian Galanti & Sebastian Marin DATE: 06/24/2024 ADDRESS: 234 West Polk Street MARKET: Chicago ASSET TYPE: Multifamily ~ UNITS: 216 LENDER: Christian Galanti - Emerald Creek Capital (@EmeraldCreekCapital) LANDLORD: Tony Lombardo - Lendlease (@Lendlease) BROKERS: Erik Storz & Sebastian Marin - KeyBank Real Estate Capital LOAN AMOUNT: $47,400,000 LOAN TYPE: Refinance LOAN TERMS: floating-rate NOTE: Lendlease has secured a $47.4 million loan from Emerald Creek Capital to refinance The Reed Condominiums, a newly completed 216-unit development in Chicago’s South Loop. The loan aims to retire previous construction debt on the 41-story residential tower, which also includes 224 rental apartments. This financial move comes amid Lendlease’s broader decision to exit the U.S. market and transition its New York and New Jersey operations to Consigli Building Group, signaling a strategic shift for the global real estate firm.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$47,400,000.00

Monthly NOI$316,000.00
Monthly Debt Service$299,600.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00