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Ted Pick Of Morgan Stanley Provides $160M Loan For Grand Plaza Multifamily In Chicago

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FINANCED
$160,000,000

Illinois

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MultiFamily
Financed 03/05/2025
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Property Image
FINANCED

Ted Pick Of Morgan Stanley Provides $160M Loan For Grand Plaza Multifamily In Chicago

540 North State Street

See Similar Deals
MultiFamily
Financed 03/05/2025
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Loan

The Grand Plaza apartment tower, located at 540 North State Street in Chicago, features 481 multifamily units. The property has an appraised value of $241 million and is currently part of a $934 million CMBS package. The loan amount associated with this property is $160 million.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $160,000,000
  • Lender: Ted Pick - Morgan Stanley
  • Landlord: Teresa Tsai
  • Appraised Property Value: $241,000,000
  • Units: 481
  • Office Property Foreclosure Lawsuit: $29,000,000

Teresa Tsai leads the LLC that secured the loan from Morgan Stanley. The financing issued fell short of refinancing a prior mortgage of $186 million from 2014 by $16 million. The venture is currently facing financial challenges while managing the $93 million of the loan that is set to be sold.

Players

TP
Morgan Stanley
Ted Pick
13 deals$1.6B volume
LENDER
Morgan Stanley
Morgan Stanley
LENDER

Details

FINANCED
IMAGE: Ted Pick DATE: 03/05/2025 ADDRESS: 540 North State Street MARKET: Chicago ASSET TYPE: Multifamily ~ UNITS: 481 LENDER: Ted Pick - Morgan Stanley (@Morgan.Stanley) LANDLORD: Teresa Tsai LOAN AMOUNT: $160,000,000 NOTE: Morgan Stanley issued a $160M CMBS loan to an LLC led by Teresa Tsai for the 481-unit Grand Plaza apartment tower in Chicago, though it fell $16M short of refinancing its 2014 $186M mortgage. The $241M appraised property is part of a $934M CMBS package, with $93M of the loan set to be sold, while Tsai’s venture continues facing financial challenges, including a $29M foreclosure lawsuit on an office property in Downers Grove.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$160,000,000.00

Monthly NOI$1,066,666.67
Monthly Debt Service$1,011,308.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00