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Chicago & Midwest  + South Side  + Finance  | 
This multi-story self-storage facility is located at 1601 S. Canal St. on Chicago's Near South Side

Devon Self-Storage Facility Secures $4M Refi

JLL Capital Markets arranged a $4-million refinancing for a 675-unit Devon Self Storage facility in Chicago. The multi-story facility is located at 1601 S. Canal St. on Chicago’s Near South Side. 

A JLL team led by senior director Chris Collins and analyst Aiden Hayes 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. 

“Self-storage has proven to be a resilient alternative asset class and is still widely financeable despite rising interest rates and economic headwinds,” said Collins.  

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 more than 100 sites in 24 states across the country. 

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JLL's Collins

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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