Mixed-use class A development in Chicago receives $102m in construction financing

A co-development and joint venture between Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development has closed on $102.2 million construction financing with MSD Partners.

The building, The Saint Grand, will span 21 stories and will include 248 class A luxury apartment units, 40,000 square feet of office, and 8,000 square feet of street-level retail. The development will feature a mix of floorplans ranging from studios to two bedrooms  with an emphasis on in-unit workspaces and private outdoor spaces to accommodate post-pandemic renter preferences. There will also be a suite of amenities, including an innovative package receiving service offering, state-of-the-art co-working lounge, specialized fitness center and outdoor pool and deck.

The apartments are located at 218 E. Grand Ave., steps from Michigan Avenue shopping, dining and entertainment, and walking distance to Lake Michigan and Northwestern Memorial Hospital campus.