$99.5M financing secured for Chicago trophy apartment tower acquisition
JLL Capital Markets arranged the acquisition financing for the 496-unit The Elle, formerly known as Alta Roosevelt in the South Loop submarket of Chicago, Illinois
CHICAGO, Dec. 2, 2022 – JLL Capital Markets announced today that it has closed the $99.5 million financing of The Elle, a 496-unit, trophy, high-rise multi-housing community in the South Loop submarket of Chicago, Illinois.
JLL worked on behalf of the borrower to secure the seven-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Constructed in 2018 and spanning 34 stories, The Elle features luxurious studio, one-, two- and three-bedroom units with an average size of 791 square feet with expansive nine-foot ceilings, private balconies, full-size washers and dryers, spacious custom built-in closets, floor-to-ceiling windows, elegant quartz countertops and stainless steel appliances. Best-in-class amenities include a resort-inspired pool, an outdoor rooftop deck, a modern co-working hub, a private terrace with fire pits and grilling stations, bicycle storage, an expansive outdoor lawn, an entertainment room with bowling alleys and billiards and more. The property also features 1,727 square feet of ground floor retail and an attached, four-story parking garage.
With its prime location at 801 S. Financial Place near Chicago’s famous Lake Michigan lakefront, residents of The Elle have access to multiple attractions, including beaches, the 18+ mile lakefront trail, Burnham Harbor & Northerly Island, Millennium Park and Grant Park, The Art Institute of Chicago, Maggie Daley Park, Soldier Field and Chicago’s world-famous ‘Museum Campus’. The community is also proximate to over 60 million square feet of office space.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Danny Kaufman, Managing Director Trent Niederberger, Director Lucas Borges and Associate Mike Halbach.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.