JLL facilitated the sale and acquisition financing for The Parker, a luxurious apartment building with 227 units situated in Chicago’s bustling Fulton Market submarket.
The seller, institutional investors advised by J.P. Morgan Asset Management and Atlantic Residential, was represented by JLL in the transaction to JDL Development. Additionally, on behalf of the new owner, JLL secured a fixed-rate five-year loan from Northwestern Mutual Life.
Leading the team at JLL were Managing Directors Kevin Girard and Mark Stern, Director Zach Kaufman, Associate Jennifer Hull and Analyst Colleen Watson. Meanwhile Senior Managing Directors Danny Kaufman and Matthew Schoenfeldt along with Directors Medina Spiodic and Mary Dooley worked alongside Associate Rebecca Brielmaierand Analyst Youngsoo Yang to secure acquisition financing.
Built in 2016 by Atlantic Residential along with Shapack Partnersand Focus Development,the 29-story building is located at730 W Couch Placein Fulton Market’s eastern section.
According to Girard,”The Parker has shown strong performance thus far,and its potential for growth within this vibrant location makes it an exceptional investment.This reflects continued confidence in top-quality multifamily properties situated strategically within urban areas.”
