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Developers Obtain Loans for Pair of Chicago Towers

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Cirrus; image courtesy of Lendlease

Developers of a pair of residential high rises in Chicago’s Lakeshore East neighborhood have acquired US$283 million in construction financing, The Real Deal reported in March. Lendlease and Magellan Development are planning a combined 853 units for the two towers — 13 fewer than originally planned. The 47-story Cirrus has already begun sales of its 350 condominium units, and the 37-story Cascade tower will offer 503 rental apartments. The buildings will rise at the mouth of the Chicago River. The financing package, which was worked out with four lenders, closed in February, before the coronavirus pandemic slammed real estate markets. Still, Ted Weldon, head of Lendlease’s Chicago developments, said the loans “underscore the continued strength of the residential market in downtown Chicago.” Completion of the buildings is planned for 2021.

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