CHICAGO, IL – JLL announces it has arranged financing for ELEVATE, a newly built, 11-story luxury apartment building located in Chicago’s Lincoln Park neighborhood.
JLL worked on behalf of the borrower, a joint venture between Baker Development Company and USAA Real Estate, to place the long-term, fixed-rate loan Fannie Mae through Greystone.
ELEVATE contains 191 luxury apartment units totaling approximately 175,000 square feet, more than 16,000 square feet of ground-floor retail and 152 indoor parking spaces. Completed in 2018, the property incorporates a “V” shape floorplate design featuring 25 standard floor plans along with 16 penthouse-level apartments, including three duplex penthouse-level “sky homes”. ELEVATE also provides 20,000 square feet of amenity space, including a third-floor landscaped common-area courtyard as well as a roof-level amenity floor that provides panoramic city skyline views, an outdoor pool with wraparound sundeck, state-of-the-art fitness center with personal audio/video and yoga studio, smartphone keyless entry, indoor dog spa and outdoor dog run. Located at 930 W. Altgeld Street, the property is walkable to the lakefront, the Lincoln Park Zoo and multiple entertainment and retail amenities. In addition, ELEVATE is less than two blocks from the Fullerton “L” station, which provides a short commute to downtown.
The JLL Capital Markets team representing the borrower was led by senior managing director Danny Kaufman and senior director Trent Niederberger.
“ELEVATE is Lincoln Park’s first newly built residential high-rise in more than 30 years,” Kaufman said. “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.”
“The Baker/USAA Real Estate team has created a truly exceptional addition to the neighborhood,” Niederberger added. “ELEVATE gives residents unparalleled views of the city and unrivaled unit plans and amenities.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
About Baker Development Corporation: Baker Development Corporation (BDC) is an experienced, well capitalized, privately owned real estate development company based in Chicago that has built a reputation for getting politically sensitive deals approved and complicated development projects constructed. Since its formation in 1985, BDC and its partners have been involved in the acquisition, development and construction of virtually every class of real estate, including high-rise residential, big-box retail, office, hotel, multi-family (rental and for-sale), mixed-use, loft conversions, townhomes, retail, adaptive reuse properties, fractured condominiums and brownfield redevelopment projects. No matter the category or class of project the company is working on, BDC is consistently known for one thing: appealing, high-quality properties that people want to own, use or visit. bakerdevelopmentcorp.com
About USAA Real Estate: USAA Real Estate provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. Its portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit usrealco.com
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com