Sterling Bay has approached the Chicago Teachers’ Pension Fund to recapitalize the stalled $6B Lincoln Yards megadevelopment as it struggles to hold onto key pieces of its Chicago real estate empire.
The prominent Chicago-based developer pitched the deal to pension fund investors late last month, Crain’s Chicago Business reported. The fund’s investment committee then voted to investigate the possibility of becoming a financial partner in the 14.5M SF development, a move that would subject original Lincoln Yards backers to substantial losses, Crain’s reported.