JLL Capital Markets secures $60 million in financing for 168-unit downtown Chicago multi-housing development

 

Mary Dooley

CHICAGO, IL – JLL Capital Markets has arranged the $59.8 million construction financing for 741 North Wells, a shovel-ready, 21-story, 168-unit, Class A multi-housing project with 3,580 square feet of retail in downtown Chicago.

  PLANNED: 21-story, 168-unit, Class A multi-housing project with 3,580 square feet of retail in downtown Chicago.

JLL represented the borrower, Vista Property, to secure the four-year, floating-rate construction loan through Huntington National Bank.

 

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Christopher Knight and Director Mary Dooley, along with Associate Medina Spiodic.

Medina Spiodic

“This project, which has been meticulously and thoughtfully designed by Vista, will be a wonderful addition to the vibrant River North community,” said Knight.

 

“The terrific response from the capital markets is also a testament to the strong multifamily fundamentals in Chicago.” 

Christopher Knight

With an anticipated completion of the first quarter of 2024, 741 North Wells will feature spacious units with an average size of 740 square feet.

 

741 North Wells St. is positioned on the east side of North Wells Street immediately south of the Chicago Avenue intersection.

 

 Both Chicago Avenue and Wells Street are arterial thoroughfares, providing convenient east/west and north/south access.

 

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CONTACT:

 

Jenna Sharp, JLL Associate, Public Relations

Phone: +1 214 394 3356

Email:  Jenna.Sharp@am.jll.com