Trophy multi-housing asset in Chicago secures $127M

CHICAGO, April. 11, 2024 – JLL Capital Markets announced today that it has closed the $127 million refinancing of 465 N. Park Dr., a 444-unit, multi-housing project located in the Streeterville neighborhood of downtown Chicago.

JLL represented the borrower, a joint venture between MetLife Investment Management and Allstate Investments, to secure the five-year loan through The Northwestern Mutual Life Insurance Company.

Built in 2018, the 48-story, LEED-certified property features studio, one-, two- and three-bedroom units with maple white quartz countertops, stainless steel appliances, hardwood plank flooring, spacious walk-in closets, in-unit washers and dryers and floor-to-ceiling windows. The 40,000 square foot amenity package includes a rooftop pool with private cabanas, a resort-style hot tub and sauna, a relaxing lounge with a fireplace, a state-of-the-art fitness center, a work-from-home conference center, ample green space, a club room with lake views, a rooftop sky deck and an outdoor dining area with grilling stations.

465 N. Park Dr. is positioned within walking distance of the Magnificent Mile, Navy Pier, the Chicago Riverwalk, Lakefront Trail and Lake Michigan. Residents benefit from proximity to popular retail, dining and entertainment, as well as numerous transit options. It’s positioning offers immediate access to Northwestern’s seven-block medical campus and the Shirley Ryan Ability Lab. In addition, the community is steps from the Loop and Chicago’s top employers, including Google’s revitalized Thompson Center and Salesforce Tower.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Danny Kaufman, Director Mary Dooley, Director Medina Spiodic, Associate Tara Hagerty and Associate Rebecca Brielmaier.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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