$25M Refinancing Secured for Luxury Chicago Multifamily Property

JLL has secured a $25.22 million refinancing for Chateau on Wells, a 43-unit luxury boutique apartment community in downtown Chicago.

JLL represented the borrower, Akara Partners, in arranging the three-year, floating-rate loan through D2 Residential. The property features a fully stabilized, 2016-built midrise apartment building with one in-line retail suite located at 707 N Wells St. in the heart of the River North entertainment district. Ideally situated in River North, the property provides immediate pedestrian access to the Magnificent Mile retail corridor.

JLL Capital Market’s Debt Advisory team was led by Managing Director Jesse Wright, Directors Joshua Odessky and Sam Tarter and Analysts Miguel Pedersen and Ben Banzhof. “The conservative underwriting metrics, combined with the property’s prime location in one of Chicago’s most desirable submarkets, made this an attractive refinancing opportunity,” said Wright. The property is 95% occupied, and features condo-quality modern apartment living with luxurious rental units averaging 1,059 square feet.

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