$73.5M in financing secured for Chicago-area multi-housing community

13 January 2022

CHICAGO, Jan. 13, 2022 – JLL Capital Markets announced that it has arranged $73.5 million in agency financing for the acquisition of City View at the Highlands, a 403-unit, value-add, mid-rise apartment building located in the Chicago suburb of Lombard, Illinois.

JLL represented the borrower, Torchlight Investors, LLC to secure the 10-year, floating-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The Hayman Company will provide leasing and property management services.

The seven-story City View at the Highlands features units with quartz countertops, stainless steel appliances, wide plank flooring, nine-foot ceilings, full-size washers and dryers, patios or balconies and an average size of 902 square feet. The amenities within the community include a swimming pool and sundeck, outdoor grilling area, two outdoor lounge spaces with fire pits, a 24-hour fitness center, a yoga studio, a community kitchen, a tech and business center and a conference room.

Located at 2720 S. Highland Avenue, the community is adjacent to Butterfield Road and two major expressways, I-88 and I-355, leading to both Chicago’s international airports, the Chicago CBD, the surrounding suburbs and top employment options. The suburban location provides walkability to Yorktown Center and proximity to numerous retail options at Oakbrook Center. Situated in DuPage County, the property offers access to several college campuses, as well as top healthcare options such as Northwestern Medicine Central DuPage, Advocate Good Samaritan and Edward Hospital.

The JLL Capital Markets team representing the borrower was led by Senior Director Jimmy Conley and Analyst Carter Wroblewski.