Square Mile Capital Management LLC announced that it has originated a $149 million loan secured by The Gallery on Wells, a 40-story 442-unit multifamily building located in the River North submarket of Chicago, IL.
Magellan Development Group, LLC, Wanxiang America Real Estate Group, LLC, MAC Management, and Strand Advisors developed the asset in 2017 and have positioned it as a best-in-class multifamily building.
The financing was utilized to repay existing debt and preferred equity on the asset.
Peter Marino and Molly Green of CBRE’s Capital Markets Group in Chicago arranged the debt.
Square Mile Capital principal Sean Reimer said, “We are pleased to build upon a successful lending relationship with Magellan, Wanxiang, MAC Management, and Strand Advisors, all of which have had a significant impact on the city of Chicago through their strong respective track records and local expertise.
“The sponsorship team has consistently brought high quality assets to this market, and The Gallery on Wells is no exception.”
The property is located centrally in River North, with 45 million square feet of office space within a 10-minute walk, as well as over 150 restaurants and bars nearby.
The building offers floor-to-ceiling windows within units, panoramic views of the Chicago skyline from private balconies, and an amenity package inclusive of a rooftop deck, pool, and fitness center.