The team behind a Lincoln Park apartment high-rise scored a $135 million refinancing from Rialto Capital Advisors this month.
A joint venture made up of Cleveland-based PCP Generational Partners, Chicago-based Structured Development and White Oak Realty Partners finished construction on the 327-unit development at 1475 North Kingsbury Street in late 2023. The refinancing worked out to $412,000 per unit.
CBRE’s John Parrett, Peter Marino, William Howe, Elizabeth Arnold, Thomas Keeting, Jim Ferris, Jake Durburg and Harmony Morrison secured the re-financing for the Foundry from Rialto on behalf of the borrowers.
Rialto is one of the prominent CMBS servicers on the market however its unclear if the debt was packaged into a securities offering.
The ownership venture took out a $89 million construction loan to fund the 27-story project in 2022. It was the last multifamily tower to be completed as a part of a broader $250 million mixed-used development called Wendelin Park, previously The Shops At Big Deahl.
The development is bordered by Kingsbury Street to the west, Dayton Street to the east. It is bound by Blackhawk Street to the north and Eastman Street to the south.
Other buildings included in the project are The Seng, a 34-unit affordable condo development and Post Chicago, a 126-unit apartment building. At The Post, 107 units are co-living spaces, and the remaining 19 units are standard apartments. The properties surround a park that was built by the developers but is open to the public. On the east end of the development, the venture built a climbing gym known as Movement Lincoln Park.
The development cashes in on Chicago’s hot apartment market but also accommodates the need for housing that is accessible to people with a range of incomes.
The Chicago area has been outpacing the nation in rent growth, and landlords have recently jumped to list properties for sale. About half a dozen large-scale apartment complexes and portfolios hit the market in the Chicago area in the last month alone.