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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.
- ◦Financing


