Canyon Partners Secures Major Financing for Chicago Multifamily
Canyon Partners Provides Financing for The Saint Grand
Canyon Partners Real Estate LLC has recently made headlines with a substantial $106.3 million senior loan offered to a joint venture led by Mavrek Development. This financing is intended to refinance The Saint Grand, a luxurious multifamily property situated in one of Chicago's vibrant neighborhoods. The transaction has been efficiently facilitated by JLL Capital Markets, reaffirming Canyon's position in the market.
About The Saint Grand Property
The Saint Grand is an impressive 21-story mixed-use tower, boasting 248 market-rate apartment units along with a 103-stall parking garage and 46,946 square feet dedicated to retail spaces. The apartments are designed with top-tier amenities, including floor-to-ceiling windows, luxury plank flooring, custom quartz countertops, and in-unit washers and dryers. Notably, the retail section hosts renowned tenants such as Club Studio Fitness, Wintrust Bank, and Tropical Smoothie Café, enhancing the community's appeal.
Amenities and Lifestyle Offerings
This stunning property embodies modern convenience with a plethora of facilities designed for today’s lifestyle. Residents can enjoy co-working areas for remote work, EV charging stations for electric vehicles, bike storage, 24/7 concierge services, and an outdoor pet area. One of the standout features is the expansive rooftop terrace, which includes a high-tech fitness center, a swimming pool, a cozy fire pit, and several grilling stations for social gatherings.
Ideal Location Advantages
The strategic location of The Saint Grand enhances its desirability. Nestled in the heart of a bustling urban environment, residents are just a leisurely stroll away from the iconic Magnificent Mile, Northwestern Medicine's Downtown Medical Campus, and stunning recreational spots along the lakeshore. Moreover, the property is conveniently located across from a Whole Foods Market, with additional grocery options like Trader Joe's and a Target store within blocks.
Canyon's Commitment to Real Estate Growth
Canyon Partners is increasingly committed to expanding its influence in the commercial real estate sector through bridge debt capital in both primary and secondary markets. Specifically focusing on multifamily projects, Canyon has invested an impressive $3 billion in debt and equity funding, resulting in the capitalization of approximately $14.6 billion across multifamily developments since its inception.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC serves as the direct investing arm of Canyon Partners, LLC, a global alternative investment manager with $28 billion in assets under management. In just 15 years, Canyon has successfully financed over $7.9 billion in debt and equity through 272 transactions, capitalizing around $32.4 billion in total real estate assets. Their strategy encompasses various spectrums, from debt financing to opportunistic investments across diverse property types.
About Mavrek Development
Mavrek Development has emerged as one of Chicago's dynamic developers since its inception in 2010. Initially focused on luxury single-family homes, the company has gained recognition for its commitment to high-quality urban infill multifamily and mixed-use projects. They pride themselves on their dedication to the Chicago community and a collaborative approach to executing complex developments.
Media Contacts and Further Information
For additional media inquiries, please contact: Canyon Partners: Kris Cole
(310) 614 9208
Email: Pro-Canyon@prosek.com
Mavrek Development: Alicia Frame
(773) 899 1699
Email: alicia@mavrekdevelopment.com
Frequently Asked Questions
What is the amount of financing provided by Canyon Partners?
Canyon Partners provided a senior loan of $106.3 million for The Saint Grand property.
Who developed The Saint Grand?
The Saint Grand was developed by Mavrek Development, which focuses on high-quality urban projects.
What amenities does The Saint Grand offer?
The Saint Grand offers various amenities, including a fitness center, swimming pool, rooftop terrace, and coworking spaces.
What is Canyon Partners’ investment focus?
Canyon focuses on deploying bridge debt capital on multifamily projects and other commercial real estate assets.
When was Canyon Partners established?
Canyon Partners was established in 1991 and has since developed a significant portfolio in real estate investments.
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