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Jones Lang LaSalle raises $43 million for mixed-use development in Loop submarket
CHICAGO, Jan. 15, 2014 – On behalf of JeffJack Investments, LLC, Jones Lang LaSalle’s (JLL) Capital Markets experts today announced they have secured a total of $43 million in financing for a 190-unit, boutique apartment building in Chicago’s West Loop submarket. JLL secured $37.5 million in debt financing through First Merit Bank and an additional $5.5 million in equity from Oak Realty.
Managing Director Dave Hendrickson and Executive Vice President Keith Largay led the JLL team on this transaction.“Increased renter demand in urban settings shows no sign of slowing and this project will combine modern apartment features in a location that places tenants within walking distance of employers, shopping and entertainment venues,” said Hendrickson.
“While there are a number of apartment projects being developed in Chicago, most are focused in the River North and Streeterville neighborhoods. The West Loop submarket has been overlooked by many investors, and this site provides a unique location for a boutique apartment property,” added Largay.
Urban core markets have seen impressive growth across all sectors as the renting demographic expands and millennials, in particular, seek more walkable communities and creative spaces. The proposed project’s architectural design complements the old manufacturing district’s warehouse buildings while combining modern, loft features.
Located at 601 West Jackson Boulevard, the site will host apartment units and ground floor retail. Units will feature open floor plans, floor to ceiling windows, stainless steel appliances and modern fixtures. An 8,500 square foot amenity space will include a full fitness center with a private yoga studio, indoor pool, cyber café, library, several shared lounge spaces, outdoor sundeck, dining cabanas, a billiard room, a media center and additional storage space. The building will be LEED-Silver certified. Construction will commence in January 2014 with first occupancy by spring 2015.
Jones 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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 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: http://bit.ly/18P2tkv.
About Oak RealtyOak Realty Group, Inc. is a privately-owned company based in Deerfield, IL, that invests in, develops and manages commercial and multifamily real estate. The principals of the companies possess expertise in real estate acquisition, finance and asset management through a combined 75+ years of transactional experience. The companies strive to create value and realize superior returns for its investors, strategic partners, and their own account through management of a diverse portfolio of commercial and multifamily real estate properties. (oakrp.com)
About Thomas Roszak Architecture, LLC Thomas Roszak Architecture, LLC and related companies have designed, built and developed over $1 Billion of real estate over the last 20 years. Thomas Roszak is a licensed architect in IL and AZ. He received his 5-year accredited bachelor degree in Architecture from the Illinois Institute of Technology, in Chicago. Architectural Digest named Thomas Roszak among World's Top Architects in May 2005. Roszak won the American Institute of Architects 2008 National Award for Interior Architecture for his own residence, the glasshouse.
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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
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