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Canyon Partners Provides $106.3 Million Loan for Refinancing of The Saint Grand Multifamily Property

Strategic Insights

— 1 min read

Canyon Partners Real Estate LLC has provided a $106.3 million senior loan to a joint venture controlled by Mavrek Development to refinance The Saint Grand, a newly built Class-A multifamily property located in downtown Chicago's Streeterville submarket. The property features 248 market-rate apartment units, a 103-stall parking garage, and 46,946 square feet of retail space. The loan was facilitated by JLL Capital Markets, and the property is leased to three retailers: Club Studio Fitness, Wintrust Bank, and Tropical Smoothie Café.

Key Takeaways:

  • The loan was provided by Canyon Partners Real Estate LLC for $106.3 million.
  • The property, The Saint Grand, is a 21-story mixed-use tower located in the Streeterville submarket of downtown Chicago.
  • The property features 248 market-rate apartment units, a 103-stall parking garage, and 46,946 square feet of retail space.
  • The retail portion of the property is leased to three retailers: Club Studio Fitness, Wintrust Bank, and Tropical Smoothie Café.
  • Canyon Partners Real Estate LLC has invested $3.0 billion in debt and equity capital in multifamily projects since its inception.
  • The company has invested over $7.9 billion of debt and equity capital across 272 transactions, capitalizing approximately $32.4 billion of real estate assets.
  • Mavrek Development is a Chicago-based developer that has grown into one of the city's most active developers, focusing on high-quality urban infill multi-family and mixed-use projects.
  • JLL Capital Markets facilitated the loan and has over 200 years of experience in commercial real estate and investment management.

Statistics:

  • The loan amount was $106.3 million.
  • The property has 248 market-rate apartment units.
  • The property features 103-stall parking garage.
  • The retail space is 46,946 square feet.
  • Canyon Partners Real Estate LLC has invested $3.0 billion in debt and equity capital in multifamily projects.
  • The company has invested over $7.9 billion of debt and equity capital across 272 transactions.
  • The company has capitalized approximately $32.4 billion of real estate assets.

Sources:

  • Canyon Partners LLC
  • Mavrek Development
  • JLL
  • PRNewswire

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