Chicago Mixed-Use Project Clears Nine-Figure Refi
The property was the first new construction in its submarket in four years.
A joint venture led by Mavrek Development has refinanced The Saint Grand, a newly built, 248-unit Class A mixed-use property located in downtown Chicago’s Streeterville submarket with a $106.3 million senior loan provided by Canyon Partners Real Estate, LLC. JLL Capital Markets arranged the refinancing.
Located at 218 E. Grand Ave., the 21-story tower was completed in 2024. The loan replaces a $102.2 million construction loan provided in September 2022 by MSD Capital, according to Yardi research data. The Saint Grand loan is the first time Canyon has worked with the borrower. Christopher Knight, a managing director in the Chicago office of JLL Capital Markets, led the brokerage team.
The JV, which also includes GW Properties, Luxury Living and Double Eagle Development, broke ground on The Saint Grand in January 2023. It was the first new apartment construction in the Streeterville submarket since 2019, according to the developers.
In addition to the market-rate apartments, the tower has a 103-stall parking garage and 46,946 square feet of retail space. Three tenants are leasing the retail space – Club Studio Fitness, Wintrust Bank and Tropical Smoothie Café.
Robin Potts, partner and Chief Investment Officer, and Jacob Feingold, managing director and head of originations at Canyon Partners Real Estate, represented Canyon in the deal. Canyon Partners Real Estate, the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with more than $28 billion in assets under management, is actively expanding its deployment of bridge debt capital on commercial real estate assets in U.S. primary and secondary markets. Since its inception in 1991, Canyon has invested $3 billion of debt and equity capital, capitalizing $14.6 billion of total multifamily projects.
The Saint Grand’s highlights
The Saint Grand has a mix of studio, one- and two-bedroom apartments ranging in size from 505 square feet to 1,336 square feet, with an average of 790 square feet. Rents range from $2,338 to $5,634, with an average of $3,451, according to Yardi research data. Apartments feature floor-to-ceiling windows, luxury plank flooring, custom quartz countertops and in-unit washers and dryers.
Community amenities include 24/7 concierge services, coworking areas, EV charging stations, bike storage and an outdoor pet area. The tower features an expansive rooftop terrace with a fitness center, swimming pool, fire pit and grilling stations.
The Saint Grand is directly across from a Whole Foods Market and within four blocks of a Trader Joe’s and Target grocery store. The tower is situated just north of the Chicago River and east of Michigan Avenue, placing residents near the center of downtown Chicago. The property is a short walk from the Magnificent Mile, Northwestern Medicine’s 7-block Downtown Medical Campus and lakefront recreation areas along Lake Michigan. Other nearby attractions include Navy Pier, Chicago Riverwalk, Millennium Park, Maggie Daley Park and The Shops at North Bridge.
Demand driving leasing, rent increases
Leasing is up in the Chicago metro, where more than 100,000 new residents have moved to the area, according to Marcus & Millichap. The firm’s second quarter 2025 multifamily report notes that this increase contributed to net absorption of more than 2,300 units in the six months ended in the first quarter. It also led to a 5.5 percent rise in the market’s effective rent, the largest gain among major metros. Rent growth was highest for Class A properties, up 6.8 percent.
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Marcus & Millichap noted completions over the 12 months ended in March added 0.7 percent to local inventory. As of early April, 7,600 units remained under construction. The Loop-West Loop-Fulton market had about 2,100 units added with Streeterville-River North-Gold Coast seeing about 600 new units.
