MetLife JV Secures $127M Refi for Chicago MF in Streeterville

JLL closed the $127 million refinancing of 465 N. Park Drive, a 444-unit multifamily project in the Streeterville neighborhood of downtown Chicago. JLL represented the borrower, a joint venture between MetLife Investment Management and Allstate Investments, to secure the five-year loan through Northwestern Mutual Life Insurance Company.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Danny Kaufman, Director Mary Dooley, Director Medina Spiodic, Associate Tara Hagerty and Associate Rebecca Brielmaier.

Built in 2018, the 48-story, LEED-certified property features studio, one-, two- and three-bedroom units. The 40,000-square-foot amenity package includes a rooftop pool with cabanas, a hot tub and sauna, a lounge, a state-of-the-art fitness center, and a work-from-home conference center.

465 N. Park Dr. is within walking distance of the Magnificent Mile, Navy Pier, the Chicago Riverwalk, Lakefront Trail and Lake Michigan. The property is also steps from the Loop and Chicago’s top employers, including Google’s revitalized Thompson Center and Salesforce Tower.

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