Chicago Teachers’ Pension Fund Passes on Lincoln Yards
The Chicago Teachers’ Pension Fund (CTPF) has “declined to take further action” in backing the Lincoln Yards megaproject, reportedCrain’s.
Sterling Bay had turned to the fund in an attempt to secure funds supporting the plans for the 53-acre project between Lincoln Park and Bucktown, as the developer continues to search for a financial partner for the $6 billion project. Sterling Bay’s proposal had suggested a more than $300 million investment from the Chicago Teachers’ Pension Fund.
“We are grateful for the chance to thoroughly evaluate this proposal,” CTPF board President Jeffery Blackwell. “However, after careful deliberation, it became evident that the investment did not align seamlessly with the goals of our fund. This was a difficult decision for our trustees, as there were many positive aspects of the development, but ultimately it was not the right fit for CTPF. We will not be pursuing this investment.”
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.