For Immediate Release
June 12, 2006
THE TIDES AT LAKESHORE EAST SECURES EQUITY PARTNER, CONSTRUCTION LOAN
The AFL-CIO Building Investment Trust (“BIT”) has joined Magellan Development Group LLC as an equity partner in The Tides, the second luxury rental tower now under construction at Lakeshore East, the rapidly-growing $4 billion mixed-use development where Lake Michigan meets the Chicago River.
In addition to a $35 million BIT investment, Magellan has obtained a $120 million construction loan from Pacific Life Insurance Co., reports David Carlins, president of Magellan.
Both BIT and Pacific Life were similarly involved in the financing of The Shoreham, the development’s first rental building. The year-old building with 548 residences in a 51-story structure managed by NNP Residential LLC and designed by Loewenberg Architects LLC is 98 percent leased.
“The Shoreham’s lease up was record breaking; we have never experienced such a rapid stabilization in Chicago” said Robin Loewenberg Berger, president of NNP Residential, and chief marketing officer of Magellan Development Group. “We saw the demand in the market and have responded by adding units of similar scope and quality at The Tides.”
Now under construction, The Tides will contain 607 luxury apartments, a garage with space for 388 vehicles and nearly 5,000 square feet of retail space. The apartment mix will include 54 studios with 495 to 645 square feet of living area; 172 convertible with 645 to 760 square feet; 274 one-bedrooms with 685 to 1,216 square feet and 107 two-bedrooms with 1,160 to 1,335 square feet. Apartments include an in-home laundry with a full-size washer and dryer, state-of-the-art appliances and granite kitchen islands with a choice of finishes.
The inclusive lifestyle at The Tides will also provide a remarkable portfolio of amenities, such as high-speed Internet access, premium satellite TV with HBO and Showtime and air conditioning, heat, gas and water all included at no additional cost.
“There’s no question that our proximity to the central business district, Michigan Avenue, Millennium and Grant parks and the waterfront are magnets for our rental program,” observed Berger.
The Shore Club is a signature amenity that features a wireless Sky Garden Lounge, Home Office, a party suite with catering kitchen, Game Room, café and a spa that provides residents with a state-of-the-art fitness center, two whirlpools, sauna and steam rooms, massage area, outdoor pool and a landscaped terrace including a poolside deck and barbecue areas. The Shoreham, The Regatta, The Chandler and the newly proposed Aqua each feature their own private Shore Club. The residents of each building will have exclusive use to their own private club facility.
Both Lakeshore East rental properties are also distinguished by a unique and highly successful RentBUY program that allows qualified renters to apply up to 25 percent of their monthly rental payments to cover up to 2.5 percent of the purchase price of a new condominium home in a participating Lakeshore East building.
A village in the heart of downtown Chicago next door to Millennium Park and steps from Michigan Avenue, Lakeshore East spans 28 acres, believed to be the largest current mixed-use development in a major U.S. city’s downtown. The distinctive Lakeshore East plan allows for the construction of up to 4,950 residences, a magnificent 6-acre public park, 2.2 million gross square feet of commercial space, 1,500 hotel rooms and 770,000 square feet of retail space. The $4-billion Lakeshore East mixed-use community received the 2002 National Honor Award for excellence in urban design from the American Institute of Architects (AIA).
Residential condominium developments at Lakeshore East currently include The Lancaster, the community’s first completed building; The Regatta, nearly completed; The Chandler; currently under construction and 340 On The Park, currently under construction. Pre-construction sales are under way for the 80-story Aqua, which will be the first high-rise in the city designed uniquely to combine condominiums, apartments, hotel rooms, and retail spaces in a single structure. The distinctive Parkhomes at Lakeshore East, bordering the new public park, are expected to be brought to market this summer.
For more leasing and management information, please call 312.440-8500 or visit www.NNPResidential.com. For development information, please call 312.642.8869 or visit www.MagellanDevelopment.com.
The AFL-CIO Building Investment Trust is a collective trust fund providing pension plans with union beneficiaries the opportunity to invest indirectly in commercial real estate developments and acquisitions. It is managed by Mercantile – Safe Deposit and Trust Company. Since its inception in 1988, the Trust has helped finance over $3 billion in commercial investment across the United States. As of the date of this release, the BIT has over $2 billion in net assets. For more information on the BIT visit www.aflcio-bit.com.