Emerald Creek Capital Refis Chicago Condo Tower With $47M Loan

Lendlease has secured a $47.4 million loan to refinance a newly completed condominium development in Chicago, Commercial Observer has learned.

Emerald Creek Capital provided the floating-rate loan on Lendlease’s 216-unit The Reed Condominiums property in Chicago’s South Loop neighborhood, according to the lender. 

The transaction will help retire past construction debt on the 189,650-square-foot condo portion of the 41-story residential building called The Reed at Southbank. The property also includes 224 rental apartments.

The deal, which closed Friday, comes nearly a month after Lendlease announced plans to exit the U.S. Market and while handing over its New York and New Jersey operations to Consigli Building Group. 

Located at 234 West Polk Street, the condo tower opened last August with residences for sale on floors 23 through 41. So far, 47 units have been sold, according to Emerald Creek. The one-, two- and three-bedroom condos range from 630 to 1,660 square feet and are priced between the low $400,000 range to around $1.4 million, according to Lendlease.

“Lendlease is a best-in-class real estate firm, and as expected, they have constructed a well-located, high-quality building that has been strongly received by the buyer community,” Christian Galanti, a managing director at Emerald Creek Capital, said in an emailed statement. “We are excited to be involved in the project and support the final leg of the business plan.”   

KeyBank Real Estate Capital’s Sebastian Marin and Erik Storz arranged the transaction.

Representatives at Lendlease and KeyBank did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com