CHICAGO – JLL Capital Markets announced today that it has arranged the $59.8 million construction financing for 741 North Wells, a shovel-ready, 21-story, 168-unit, Class A multi-housing project with 3,580 square feet of retail in downtown Chicago.
JLL represented the borrower, Vista Property, to secure the four-year, floating-rate construction loan through Huntington National Bank.
With an anticipated completion of the first quarter of 2024, 741 North Wells will feature spacious units with an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, a rooftop pool and sundeck and a state-of-the-art fitness center.
741 North Wells St. is positioned on the east side of North Wells Street immediately south of the Chicago Avenue intersection. Both Chicago Avenue and Wells Street are arterial thoroughfares, providing convenient east/west and north/south access. The property also offers residents proximity to the purple/brown and red lines. The central location of the project will allow residents easy access to Old Town, Rush and Oak Street Corridors, Magnificent Mile, River North, the Central Business District and the Clybourn Corridor. Additionally, residents will benefit from the growing corporate locations within the Wells Street Corridor and will be within a 15-minute walk to 3.9 million square feet of office space.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Christopher Knight, Director Mary Dooley, along with Associate Medina Spiodic.
“This project, which has been meticulously and thoughtfully designed by Vista, will be a wonderful addition to the vibrant River North community,” said Knight. “The terrific response from the capital markets is also a testament to the strong multifamily fundamentals in Chicago.”