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

International law firm signs 24,567 SF office lease at iconic filming destination in the Arts District of Los Angeles, CA

                                  Nicole Mihalka

LOS ANGELES, CA – JLL announced Gunderson Dettmer, an international law firm with an exclusive focus on the innovation economy, has signed a 24,567-square-foot lease for the entire two-story building at 635 Mateo in the Arts District of downtown Los Angeles.  

Two-story building, fully leased,
at 635 Mateo in the Arts District
 of downtown Los Angeles, CA

The property was built in 1929 to serve as the headquarters for Hills Brothers Coffee, later becoming the corporate offices of the Southwestern Bag Company, who transformed the location into a major filming location for movies and television shows including Beverly Hills Cop, Ferris Bueller’s Day Off and It’s Always Sunny in Philadelphia.

                                 Dana Vargas

Gunderson Dettmer will use the space for its Los Angeles headquarters office. 

JLL’s Nicole Mihalka, Dana Vargas and Caitlyn Ross represented the landlord, Mateo Street Properties, Inc., and Gunderson Dettmer was represented by Richard Abbitt and Ryan Shuler of Industry Partners.

                              Caitlyn Ross

"We have seen a trend of more traditional companies like law firms, financial services companies and real estate businesses leaving high-rise office environments for unique freestanding buildings,” said Mihalka, Managing Director at JLL.

“This building provides Gunderson Dettmer with a striking destination for its brand, employees and clients in Los Angeles.”

                    Ryan Shuler

True to the style of the 1920s, 635 Mateo’s simple, industrial framework was outfitted with exposed brick, dramatic arched windows and Art Deco tile façade.

                Richard Abbitt

The campus-like property features a rooftop deck, sawtooth skylights, new building systems and dedicated parking lot.

 

CONTACT:

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

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