We advised Related on the construction financing

Davis Polk advised The Related Companies, L.P., in connection with its obtainment of approximately $500 million in construction financing for the development of Phase 1 of 400 Lake Shore Drive in Chicago, Illinois, situated at the intersection of the Chicago River and Lake Michigan. Phase 1 of the project will involve the development of a 72-story luxury residential rental building consisting of a combination of market rate and affordable units, as well as a parking garage and retail component. The property is well known as the site of the partially built Chicago Spire, which was planned to be the tallest residential building in the United States but was abandoned in 2008.

Related is one of the nation’s most innovative and prolific real estate development firms. Headquartered in New York City, Related has an existing operating portfolio of real estate assets that is valued at more than $60 billion.

The Davis Polk real estate team included partner Brian D. Hirsch and associates Elizabeth A. Case, Rachel M. Feldstein, Edward Peck and Shua Mermelstein. The tax team included partner Patrick E. Sigmon, counsel Liang Zhang and associate Danielle Rapaccioli. Partner Hilary Dengel provided sponsor finance advice. Counsel Krishnakshi (Kris) Das provided investment management advice. Members of the Davis Polk team are based in the New York and Northern California offices.