JLL Arranges Construction Loan for River North Multifamily
JLL Capital Markets arranged a $59.8-million construction financing for 741 North Wells, a shovel-ready, 21-story, 168-unit, Class A multifamily project with 3,580 square feet of retail in Chicago’s River North neighborhood. Senior director Christopher Knight, director Mary Dooley and associate Medina Spiodic represented the borrower, Vista Property, to secure the four-year, floating-rate construction loan through Huntington National Bank.
With completion anticipated in the first quarter of 2024, 741 North Wells will feature units with an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, a rooftop pool and sundeck and a state-of-the-art fitness center.
“This project, which has been meticulously and thoughtfully designed by Vista, will be a wonderful addition to the vibrant River North community,” said Knight. “The terrific response from the capital markets is also a testament to the strong multifamily fundamentals in Chicago.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).