$59.8M in financing secured for Chicago multi-housing development
JLL Capital Markets completed the construction financing for the 168-unit 741 North Wells in downtown Chicago
CHICAGO, July 21, 2022 – JLL Capital Markets announced today that it has arranged the $59.8 million construction financing for 741 North Wells, a shovel-ready, 21-story, 168-unit, Class A multi-housing project with 3,580 square feet of retail in downtown Chicago.
JLL represented the borrower, Vista Property, to secure the four-year, floating-rate construction loan through Huntington National Bank.
With an anticipated completion of the first quarter of 2024, 741 North Wells will feature spacious units with an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, a rooftop pool and sundeck and a state-of-the-art fitness center.
741 North Wells St. is positioned on the east side of North Wells Street immediately south of the Chicago Avenue intersection. Both Chicago Avenue and Wells Street are arterial thoroughfares, providing convenient east/west and north/south access. The property also offers residents proximity to the purple/brown and red lines. The central location of the project will allow residents easy access to Old Town, Rush and Oak Street Corridors, Magnificent Mile, River North, the Central Business District and the Clybourn Corridor. Additionally, residents will benefit from the growing corporate locations within the Wells Street Corridor and will be within a 15-minute walk to 3.9 million square feet of office space.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Christopher Knight and Director Mary Dooley, along with Associate Medina Spiodic.
“This project, which has been meticulously and thoughtfully designed by Vista, will be a wonderful addition to the vibrant River North community,” said Knight. “The terrific response from the capital markets is also a testament to the strong multifamily fundamentals in Chicago.”
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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About JLL
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 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vista Property
Vista Property is a third generation family-owned private real estate investment firm with a continuously curated portfolio of urban retail, office, and multifamily investments. The firm utilizes a thorough underwriting approach, develop strong relationships, and firmly maintain a reputation as reliable owners and operators, ensuring the best results for everyone involved. Our generational approach and long-term focus aligns our interests with our neighbors, communities, tenants, agents, capital partners, banking relationships, and investors.