A co-development and joint venture between Mavrek Development, GW Properties, Luxury Living Chicago Realty, and Double Eagle Development has closed on $102.2 million construction financing with MSD Partners, L.P.
JLL worked on behalf of the borrower, Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development, to secure the four-year loan through MSD Partners. The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Chris Knight.
The joint venture combines a collective track record for success in developing mixed-use multifamily real estate across the Midwest.
“We are excited to get this project financed and begin construction,” said Adam Friedberg, Partner at Mavrek Development. “Mavrek Development is excited to continue our growth as one of the most active development groups in Chicago”
In addition, the team has announced the name of the property as The Saint Grand.
Designed by NORR, the 21-story property includes 248 Class A luxury apartments, 40,000 square feet of office, and 8,000 square feet of street-level retail on the northeast corner of E Grand Avenue and N St Clair.
The apartments are located at 218 E. Grand Ave., steps from Michigan Avenue shopping, dining and entertainment and walking distance to Lake Michigan and Northwestern Hospital campus.
The development will feature a mix of floorplans ranging from studios to 2 Bedrooms with an emphasis on in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences. There will also be a suite of amenities including an innovative package receiving service offering, state-of-the-art co-working lounge, specialized fitness center and outdoor pool and deck.
“After an exceptionally strong residential leasing season, we have even greater confidence in the ultimate success for The Saint Grand,” said Aaron Galvin CEO/Founder of Luxury Living Chicago Realty. “As a co-developer, we are using the rental trends we are seeing in the market to inform the architecture, design, and operations of this property. We have every confidence this property will be well received in the market.”
In addition to the multifamily offering, the property will include Class-A office space with a rare flagship opportunity located at 535 N. St Clair. This is the first Class-A office delivery in Streeterville in several years. The two full floors of office space also include private outdoor space, modern ventilation systems and other intentional post-pandemic health safety elements. Office tenants will be able to enjoy the apartment amenities as an added benefit.
“We’re seeing a flight to quality in the office market in Chicago,” stated Anthony Hrusovsky, Partner at Mavrek. “Companies are using new space and residential level amenity offerings to attract their employees back to the office.”
“The Offices at The Saint Grand will be the first of its kind in the Streeterville submarket, which we think will result in strong tenant demand,” added Shai Wolkowicki, Principal of GW Properties.
The property will replace a parking garage located at 535 N St Clair. Demolition is underway and groundbreaking is anticipated by the end of the year. The office will be ready for tenant build outs to start Q3 2023, with the residential delivering in early 2024.
“This development is the culmination of many hours of hard work and team collaboration,” said Peter Koch, Partner at Mavrek. “We are excited to start going vertical.”