Envoi locks in $64M Fortress loan for LaSalle office to resi conversion; former YMCA HQ to be transformed into 207 apartments with ground retail

7/21/2026

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The Real Deal

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• Subcategory: Capital Markets: Debt, MF: Market Rate, Office: CBD

• Tag: Adaptive Reuse | Closing | Conversion

• Additional Filters-Subcategory: Capital Markets: Debt-Construction Loan, MF: Highrise, Office: Highrise

• Additional Filters-Tags: Conversion: Office-to-Residential, Historic

Highlights
Chicago-based Envoi Partners and Fortress Investment Group have closed a $64 million financing package and secured permits to convert the landmarked, 132-year-old former YMCA headquarters into 207 apartments and ground-floor retail.

Adaptive reuse construction on the interior is expected to take 15 months and is slated for delivery in 2027. Architecture firm Hartshorne Plunkard and general contractor Power Construction are on the project.

Envoi, led by Nate Ernst and Cory Faulkner, bought the building's loan note for $4.2 million in October 2024 with investor Igor Gabal, who has since exited; Envoi then took ownership ahead of the conversion.