JLL arranges $9.4M refinancing for Chicago recreational facility
The repurposed industrial facility was recently renovated
CHICAGO, September 26, 2019 – JLL announced today that it has arranged a $9.4 million refinancing for The Armoury, a 46,040-square-foot infill industrial facility repurposed as an entertainment trampoline park and athletic training facility in Chicago, Illinois.
JLL worked on behalf of the borrower, a partnership between Clear Height Properties (“CHP”) and Diamond Realty Holdings (“DRH”), to place the 9.4-year, fixed-rate loan with a financial holding company.
The Armoury comprises three adjacent industrial warehouses that recently underwent a multi-million-dollar renovation to be repurposed into a modern facility that functions as an entertainment trampoline park and athletic training facility, respectively. The property is fully leased to Altitude Trampoline Park, the second largest trampoline park brand in the world, and Performance Training Systems, a private athletic training facility that uses a scientific-based approach to improve clients overall physical performance. Located at 404 North Armour Street and 1515 West Hubbard Street in Chicago’s River West submarket and Kinzie Corridor, The Armoury is proximate to The Loop, Fulton Market and Chicago’s Expressway system. It is the only trampoline park in the city of Chicago within an eight-mile radius.
The JLL Capital Markets team representing the borrower was led by Managing Directors Christopher Carroll and Jason Bond as well as Director Lucas Borges.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Clear Height Properties
CHP is a real estate investment and management company headquartered in Chicago, Illinois. The company’s vision to be the best in creating value for its clients through acquiring and developing properties in the most desirable locations. Visit clearheight.com for more information.
About Diamond Realty Holdings
DRH is a real estate acquisitions and development firm headquartered in Chicago, Illinois. Their current portfolio is focused in downtown Chicago and is consists of eight projects totaling 160,000+ square feet. Visit diamondrh.com for more information.