Lendlease and Aware Super have landed development financing for the second phase of its master-planned development in Chicago. Cain International provided the $117 million loan to the developers who are building The Reed at Southbank.
Lendlease broke ground on the 41-story project in September and is expecting to complete the development sometime in 2023. The 440-unit community offers a combination of 224 rental units alongside 216 for-sale condominiums in one-, two- and three-bedroom floorplans. Designed by Perkins+Will, the 513,400-square-foot community will also feature a 12,000-square-foot amenity deck equipped with a pool, outdoor kitchen, fire pits and more.
The Reed at Southbank will be the main focus of the second phase of Southbank, a 7-acre master-planned development that’s also being built by Lendlease and Aware Super. The second phase also calls for more than 2 acres of green space and an adjacent riverwalk, both of which will be maintained by Lendlease as public amenities.
BUILDING OUT U.S. PORTFOLIO
The loan for The Reed at Southbank is Cain International’s first Chicago property in its U.S. debt portfolio. Matthew Rosenfield, head of U.S. debt for Cain International, said in prepared remarks that the Chicago market is one of the largest and most important in the country.
Alongside its Chicago project, Cain International has been building out its U.S. portfolio in the last few months. The real estate investment firm, alongside Alagem Capital Group, revealed plans for a $2 billion mixed-use development in Beverly Hills, Calif., in July. On the receiving end, Cain International also secured a $128.3 million construction loan for its 135-unit luxury high-rise community in Miami being developed alongside OKO Group.