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JLL secures $90.8 million in construction financing and equity for 215 West Lake
CHICAGO, Feb. 18, 2016 – On behalf of Moceri + Roszak LLC, JLL's Capital Markets experts today announced the firm has secured $90.8 million in debt and equity for the development of 215 West Lake, a 33-story luxury boutique multifamily development slated for the Chicago Loop. FirstMerit Bank, as lead arranger and administrative agent teamed up with First Midwest Bank and First Bank of Highland Park to provide the $63.4 million construction loan. LaSalle Investment Management provided $27.4 million in joint venture equity.
Managing Directors David Hendrickson and Keith Largay, Executive Vice President Chuck Johanns and Vice President Fiorentina Malko led the JLL team on the transaction.
"Downtown Chicago continues to be the neighborhood of choice for today's renters and paired with the impressive amenity package that 215 West Lake will offer, this development meets the demand for 'live, work, play,'" said Hendrickson. "Moceri + Roszak hold an impressive track record in Chicago and 215 West Lake is primed to stand as an iconic asset."
The 265-unit development designed by Thomas Roszak Architecture will feature high ceilings, floor-to-glass bay windows offering views of downtown Chicago and luxury finishes. The property will have 5,300 square feet of ground-floor retail space, 22,900 square feet of amenity space and 152 parking spaces. Community amenities will include an indoor/outdoor pool and spa, large sundeck with cabanas, private outdoor dining areas, two eco-garden spaces, fitness center, yoga studio, social room with billiards, media lounge, business center, and dog spa. Upon completion, 215 West Lake will be LEED certified.
"We're excited about this new project, where we've put together a great product at a great location to meet the market's complex demands," said developer Dan Moceri.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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About JLLJLL (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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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