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Magellan Secures Equity Partner, $120M Loan

CHICAGO-Magellan Development Group LLC, developer of the $4-billion Lakeshore East redevelopment, brings on AFL-CIO Building Investment Trust as an equity partner for the project's latest high-end rental tower. The group also lands a $120-million loan.

By Dana Dubriwny | Updated on June 12, 2006

(To read more on the debt and equity markets and to read more on the multifamily market, click here.)

CHICAGO-The AFL-CIO Building Investment Trust (BIT) is joining Magellan Development Group LLC as an equity partner in the Tides, the second high-end rental tower now under construction at the $4-billion Lakeshore East redevelopment project. Adding to the $35-million investment made by BIT, Magellan has also secured a $120-million construction loan from Pacific Life Insurance Co.

When complete, the Tides will include 607 apartments, a garage with space for 388 vehicles and nearly 5,000 sf of retail space. The apartment mix will include 54 studios measuring 495 sf to 645 sf; 172 convertible units with 645 sf to 760 sf; 274 one-bedrooms with 685 sf to 1,216 sf; and 107 two-bedrooms with 1,160 sf to 1,335 sf.

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