Canyon Partners Real Estate LLC (“Canyon”) announced that it has provided a $106.3 million senior loan to a joint venture controlled by Mavrek Development (“Mavrek”) to refinance The Saint Grand, a Class-A multifamily property located in the Streeterville submarket of downtown Chicago, Illinois. The transaction was facilitated by JLL Capital Markets.
The Saint Grand is a newly built, 21-story mixed-use tower featuring 248 market-rate apartment units, a 103-stall parking garage and 46,946 square feet of retail space. Apartment units include floor-to-ceiling windows, luxury plank flooring, custom quartz countertops, and in-unit washer and dryers. The retail portion of the property is leased to three retailers: Club Studio Fitness, Wintrust Bank, and Tropical Smoothie Café.
The property offers a range of amenities including co-working areas, EV charging stations, bike storage, 24/7 concierge, an outdoor pet area and an expansive rooftop terrace with a state-of-the-art fitness center, swimming pool, fire pit, and grilling stations.
Canyon is actively expanding its deployment of bridge debt capital on commercial real estate assets in primary and secondary markets across the United States. For multifamily projects specifically, since its inception, Canyon has invested $3.0 billion of debt and equity capital, capitalizing $14.6 billion of total multifamily projects.
Founded in 1991, Canyon Partners Real Estate LLC (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with $28 billion in assets under management. Over the last fifteen years, Canyon has invested over $7.9 billion of debt and equity capital across 272 transactions capitalizing approximately $32.4 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With 30+ years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
Mavrek Development, founded in 2010, has quickly grown into one of Chicago’s most active developers. The company got its start building luxury single-family homes and has since scaled their business by focusing on high-quality urban infill multi-family and mixed-use projects. With their dedication to Chicago and collaborative approach in executing complex projects, Mavrek represents the next generation of Chicago developers.
For over 200 years, JLL, a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
