JLL Arranges More Than $100M in Financing for Multifamily Tower Under Construction in Chicago
CHICAGO — JLL has arranged more than $100 million in financing for a 278-unit multifamily community in Chicago’s West Loop neighborhood.
The developer broke ground on the community in late September and expects to deliver it in spring 2022. JLL worked on behalf of developer Marquette Cos. to secure a $65 million construction loan through Bank OZK. Further details of the financing were not disclosed.
Power Construction is the general contractor and Chicago-based Brininstool + Lynch is the architect. The 25-story property, located at 1400 Randolph St., will feature coworking spaces, a fitness center, club room and a pool on the 18th floor. Amenities in the surrounding neighborhood include the 13-acre Union Park; the L Train Ashland Station; and “Restaurant Row,” which features restaurants such as Au Cheval, Bad Hunter, Bandit, Girl & the Goat, Haymarket Tavern, La Josie, Lena Brava and Rooh.
Matthew Schoenfeldt of JLL represented the Naperville-based developer in securing the construction financing.
“Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept,” says Schoenfeldt.
According to research from CBRE, there were 2,500 multifamily units delivered in the Chicago area in the second quarter of 2020, representing 1.1 percent of the total inventory. Rents decreased 1.4 percent year-over-year in the second quarter, CBRE also found.
— Alex Tostado