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| 1529 N Fremont, a 132-unit, fully entitled multi-housing development in Chicago’s Lincoln Park neighborhood. |
CHICAGO, IL – JLL Capital Markets has arranged a $31 million construction loan in the form of a participating mortgage for the development of 1529 N Fremont, a 132-unit, fully entitled multi-housing development in Chicago’s Lincoln Park neighborhood.
JLL worked
on behalf of the borrowers, CityPads and Wayland Real Estate Capital, to secure
the four-year, participating mortgage construction loan through a blue-chip
life insurance company.
CityPads’
mission is to provide modern, new construction multi-housing community in walkable
and transit-oriented locations at an attainable price for average residents.
Lucas Borges
The five-story project is anticipated to break ground in third quarter of 2024, and upon completion will feature four stories of rental units above 9,500 square feet of retail space and 29 parking spaces.
Located at 1529 N
Fremont, the property is positioned in the heart of Lincoln Park, two miles
north of the Magnificent Mile and many of downtown’s office towers, hotels and
attractions.
The JLL Capital Markets Debt Advisory team representing
the borrower was led by Senior Director Lucas Borges and Associate Ryan Sullivan.
Ryan Sullivan
“1529 N Fremont is
well positioned to capitalize on the surrounding amenities that this growing
pocket of the city has to offer,” said Borges. “CityPads’ recent similar
projects, Tapestry Station and The Edge on Broadway, were delivered in March
2024 and June 2020, respectively and outperformed expectations.
"We
anticipate with the current pent-up demand coupled with diminished supply; 1529
N Fremont will follow a similar trajectory.”
For more news,
videos and research resources, please visit JLL’s newsroom.
CONTACT:
Kristen Murphy
Director, Public Relations
JLL
One Post Office Square, Suite 1100
Boston, MA 02109
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