$4M refinancing arranged for Chicago self-storage facility
JLL Capital Markets led the financing efforts for the 675-unit facility near Downtown Chicago
CHICAGO – Nov. 10, 2022 – JLL Capital Markets announced today that it has arranged a $4 million refinancing for a 675-unit Devon Self Storage facility in Chicago, Illinois.
JLL worked on behalf of the borrower, a pension fund and their operator, Devon Self Storage, to secure the below-market, fixed-rate, seven-year loan with partial interest only and a flexible prepayment structure.
Devon Self Storage Holdings (US) LLC is an employee-owned private real estate company offering management and development services across the country. Currently Devon manages over 100 sites in 24 states across the country.
This Devon location at 1601 S. Canal St. is just 1.3 miles from the heart of downtown Chicago. The property benefits from the dense population of more than 850,000 residents within a five-mile radius.
The multi-story facility offers 70 different unit sizes, climate-controlled units, 24-hour security, and onsite management.
The JLL Capital Markets team representing the borrower was led by Senior Director Chris Collins and Analyst Aiden Hayes.
“Self-storage has proven to be a resilient alternative asset class and is still widely financeable despite rising interest rates and economic headwinds,” Collins said.
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 sales 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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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.