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JLL Arranges $31M Construction Loan for Lincoln Park MF
JLL has arranged a $31 million construction loan in the form of a participating mortgage for the development of 1529 N Fremont, a 132-unit, fully entitled multi-housing development in Chicago’s Lincoln Park neighborhood.
JLL worked on behalf of the borrowers, CityPads and Wayland Real Estate Capital, to secure the four-year, participating mortgage construction loan through a blue-chip life insurance company. The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Lucas Borges and Associate Ryan Sullivan.
The five-story project is anticipated to break ground in the third quarter of 2024, and will feature four stories of rental units above 9,500 square feet of retail space and 29 parking spaces. Located at 1529 N Fremont, the property is positioned in the heart of Lincoln Park, two miles north of the Magnificent Mile and many of downtown’s office towers, hotels and attractions.
