Chicago & Midwest + North Side + Finance | July 15, 2019

Lincoln Park’s First New Resi High-Rise in Years Lands Financing

JLL arranged financing for Elevate, a newly-built, 11-story luxury apartment building in Lincoln Park. An HFF legacy deal that closed prior to JLL’s acquisition, the transaction provided a long-term, fixed-rate Fannie Mae loan through Greystone to the developers, a joint venture between Baker Development Company and USAA Real Estate. Terms weren’t disclosed.

“Elevate is Lincoln Park’s first newly-built residential high-rise in more than 30 years,” said JLL’s Danny Kaufman, who represented the JV with Trent Niederberger. “Due to the scarcity of large developable parcels and an historically difficult approvals process, the barriers to entry in the submarket are high, which will help ensure the property’s competitive advantage well into the future.”

Built on the site of the former Lincoln Centre, the 191-unit Elevate was completed in 2018. It includes 16,000 square feet of ground-floor retail and 20,000 square feet of amenity space.

Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.

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About Paul Bubny

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).