The building is being co-developed by Magellan Development Corp. Ltd. and Near North Properties. They also are building the 300-unit Lancaster condominium tower, which is 89% sold; as well as the 320-unit Regatta.
John Tung of Cornerstone Advisors represented the pension while MJ Partners Capital Services principal Dennis R. Nyren handled negotiations for Magellan Development Corp. Ltd. and Near North Properties.
The deal calls for $24 million of the pension fund's equity provided up front with the remaining $16 million set aside until the building is completed and appraised, Nyren reports.
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