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New York Life provides financing for Streeterville mixed-use property
CHICAGO, March 13, 2013 — On behalf of LaSalle Investment Management, Jones Lang LaSalle today announced the firm’s Capital Markets professionals have secured $125 million in acquisition financing for Onterie Center, a two-building residential and commercial property located at 441 East Erie in the heart of Chicago’s Streeterville neighborhood. New York Life provided the financing, which will also fund future property upgrades and renovations, for the 615-unit property.
Managing Director David Hendrickson, Senior Vice President Keith Largay and Vice President Ian Russell led the Jones Lang LaSalle team on this transaction.“Onterie Center is backed by strong institutional sponsorship, generates solid in-place cash flow and is in the heart of one of the highest residential rent districts in the city,” said Hendrickson. “It offers superior amenities, an unparalleled location near a variety of dining and shopping options, and magnificent city and lake views, all of which made this a compelling investment for New York Life.”
Designed by Skidmore, Ownings & Merrill and completed in 1986, Onterie Center features a 60-story, 583-unit residential tower with 102,616-square feet of fully leased commercial space and an 11-story tower with 32 luxury loft units. It features a superior amenities package, including a full-service health club with sauna, indoor pool with lake views, yoga/Pilates studio, laundry room, outdoor sky deck with 360-degree open air views of the city and lake, clubroom with kitchen and lounge, dry cleaners, child care facility, 24-hour door staff, business center and parking for 363 vehicles.
Commercial tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center.
About LaSalle Investment ManagementLaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $47 billion of assets under management of private and public property equity investments. LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and our clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com.
About New York LifeCommitted to helping people perpetuate the good in their lives, New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest financial strength ratings currently awarded to any life insurer by all four of the major credit rating agencies.** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. Please visit New York Life's Web site at www.newyorklife.com for more information.
Jones Lang LaSalle Capital MarketsJones Lang LaSalle 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page. Bookmark it here: http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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