CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged an equity raise and financing on behalf of JDL Development, LLC for the development of No. 9 Walton, a 67-unit, super luxury condominium project in Chicago’s Gold Coast.
The equity capital was provided by Cindat Capital Management Ltd. iStar Inc. is providing the project’s debt financing in the form of a first mortgage and mezzanine construction loans.
Due for completion in 2017, No. 9 Walton will be built on a site at the intersection of West Walton and North State Streets, less than a block from Washington Square Park and in close proximity to numerous dining and retail amenities in Chicago’s Gold Coast and Miracle Mile neighborhoods. The 36-story landmark project will contain 67 residences averaging 4,000 square feet each that are well equipped with top-of-the-line luxury finishes throughout. The amenity-rich tower will include an indoor lap pool, hot tub, steam room, sauna, fully-equipped fitness center with Pilates and Gyrotonic machines, private wine storage, private dining room, covered dog run, dry cleaning service and car service. 35 percent of the units were pre-sold at time of closing.
The HFF team representing the developer, JDL Development, LLC, was led by executive managing director Matthew Lawton and senior managing director Dan Cashdan.
About JDL Development, LLC: As one of Chicago’s preeminent commercial developers, JDL believes that a successful project is driven by a keen understanding of location, design and a commitment to keeping on task and on budget. With innovative architecture and unparalleled design, JDL properties are built to enhance their surrounding environments and stand the test of time. The JDL team brings more than 60 years of combined real estate experience to every project. JDL has a thorough understanding of the marketplace with expertise in luxury high-rise apartments, urban retail and mixed-use developments, high-end condominiums, as well as single family homes and town-home communities.
About Cindat Capital Management Ltd: Cindat Capital Management Ltd. (Cindat) is a leading investment manager of Chinese institutional capital in its overseas real estate investments. During the past two years, it has invested over $600 million in projects valued over $2 billion on four different continents. Cindat specializes in high-quality real estate and private equity investments in global gateway markets. It is headquartered in Beijing with affiliate offices in Shanghai, Hong Kong and New York.
About iStar Inc: iStar (NYSE: STAR) finances, invests in and develops unique properties as an adaptive investment REIT – bringing new ways of thinking to real estate ventures in the pursuit of strong risk-adjusted returns. Fully integrated across all disciplines, in-house expertise includes loan origination, loan servicing, asset management, net lease, development and construction. iStar has financed and invested in over $35 billion of real estate transactions since 1993, including $10 billion of residential projects, making it one of the largest investors in luxury condominium, multifamily and master-planned residential developments in the U.S. iStar’s portfolio is well diversified by property type, asset type, geography and obligor, with a focus on larger assets located in major metropolitan markets. For more information on iStar, please visit iStar.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.