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Chicago & Midwest  + Downtown  + Finance  | 
The Saint Grand in Chicago's River North neighborhood will include luxury apartments, office space and retail space

JV Secures $102M Construction Financing on River North Mixed-Use

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 for a mixed-use property in Chicago’s River North neighborhood. The 21-story property will include 248 luxury apartments, 40,000 square feet of office and 8,000 square feet of street-level retail.

“We are excited to get this project financed and begin construction,” said Adam Friedberg, partner at Mavrek Development. “Mavrek Development is excited to continue our growth as one of the most active development groups in Chicago.” 

In addition, the team has announced the property’s name as The Saint Grand. It will replace a parking garage located at 535 N St Clair. Demolition is underway and groundbreaking is anticipated by year’s end. The office will be ready for tenant build-outs to start in 2023’s third quarter, with the residential delivering in early 2024. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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