JLL has successfully secured a $31 million construction loan for the development of 1529 N Fremont, a fully entitled multi-housing project in Chicago’s desirable Lincoln Park neighborhood. The four-year participating mortgage was obtained through a reputable life insurance company on behalf of the borrowers, CityPads and Wayland Real Estate Capital. JLL’s Debt Advisory team, led by Senior Director Lucas Borges and Associate Ryan Sullivan, represented the borrowers in this transaction.
The five-story development is expected to begin construction in the third quarter of 2024 and will consist of 132 units above ground-floor retail space spanning over 9,500 square feet. Additionally, there will be parking available for up to 29 vehicles. Situated at an ideal location at 1529 N Fremont Street within Lincoln Park, residents will have easy access to popular destinations such as downtown Chicago’s office buildings, hotels and attractions just two miles away from their doorstep.
This successful arrangement by JLL further solidifies their expertise in securing financing solutions for real estate projects across various asset classes.
