LAKE FOREST REAL ESTATE CAPITAL, LLC
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Sherman Plaza

​At a total cost of $190 million, Sherman Plaza is the most expensive downtown development project in Evanston’s history and the tallest building located between Milwaukee and Chicago.
​

Sherman Plaza features a 25-story condominium tower totaling 253 unit along with 153,000 square feet of retail and medical office space. The development also includes a 12-story, 1,585-space public parking garage partial funded with tax increment financing ("TIF"). 

Michael Sieman structured institutional equity financing allowing for subsequent debt financing for this mixed-use development located in downtown Evanston – the home of Northwestern University in suburban Chicago.  

The equity was structured in the form of a pre-buy commitment from an investment grade credit entity for the retail portion of Sherman Plaza.  This not only allowed a reduction in the sponsorship equity and recourse but at the same time also allowed the construction lender to commit and fund prior to the project achieving typical pre-leasing milestones.  

Participation in the upside profits with the equity investor was maintained by structuring the pre-buy as a stand-by commitment.  What was essentially a put option for sponsorship mitigated the downside risk while allowing a remarketing effort for the collateral at completion.


New York Times Article

 LAKE FOREST REal Estate Capital LLC

 1300 North Waukegan Road
 Lake Forest, IL 60045
​info@LFRECapital.com
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  • About Us
    • Michael J. Sieman
  • Financing Capabilities
    • Debt Products
    • Asset Classes
    • Submission Requirements
    • Capital Sources
    • Equity
  • Recent Transactions
    • Arlington South Dunton
    • Desert Sky Apartments
    • Hobson Medical Campus
    • Lake Forest Sports Car
    • NorthBay Ambulatory Surgery Center
    • Northwest Community Healthcare >
      • NCH - Construction
      • NCH - Forward Rate Lock Option
      • NCH - Permanent
    • Previous Transactions
  • Case Studies
    • Aon Center
    • Direct Supply
    • Glen Town Center
    • LakeShore Athletic Clubs
    • Midwest Orthopedics
    • Pinnacle Condominiums
    • Purple Hotel Site >
      • Developer Site
    • Sherman Plaza
  • Brochure 普通话
    • 普通话