JLL represented the borrower to capitalize development of Chicago multi-housing property  

CHICAGO, October 21, 2020 – JLL Capital Markets announced today that it has capitalized the development of a 278-unit, fully-amenitized apartment tower at 1400 Randolph St. in the heart of Chicago’s vibrant West Loop neighborhood and booming Fulton Market district.

JLL represented the developer, Marquette Companies, to secure a pension fund equity partner and construction loan for the project. The senior financing was provided by Bank OZK. Seasoned industry leaders, Marquette partnered with Power Construction, a Chicago-based company that has operated for over 90 years, to build the development with an expected completion date of Spring 2022.

1400 Randolph Street is a 278-unit, 25-story, high-rise development boasting luxury apartment living, with clean lines, modern design, coworking spaces, a state-of-the-art fitness center, club room with a demonstration kitchen and pool to be located on the 18th floor. The remarkable views capture the renowned 12.77-acre Union Park and to the east, the iconic Chicago skyline. 

Chicago’s West Loop neighborhood is home to the area’s most premiere and world-class shopping and night life. For the food lovers, Randolph Street is also known as “Chicago’s Restaurant Row” and touts Michelin-star restaurants and the city’s most vibrant dining scene. The development is also transit-friendly, just steps away from the L train Ashland Station, allowing direct access to The Loop or any corner of the city. 

“I am grateful to JLL for tenaciously pursuing solutions on our behalf as well as the team at Bank OZK who stood with us to help make this project a reality,” said Darren Sloniger, President and CIO of Marquette Companies. 

The JLL Capital Markets team representing the borrower was led by Managing Director Matthew Schoenfeldt.

“It has been extraordinarily rewarding to represent Marquette in capitalizing this marquee project,” said Schoenfeldt. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept.”

NEW YORK – JLL announced today that it has arranged $97.5 million in financing for the development of the second phase of Atlantic Station, a luxury mixed-use residential and retail property in downtown Stamford, Connecticut.

JLL worked exclusively on behalf of the developer, RXR Realty, to secure the floating-rate construction loan through Bank OZK. The development of the second phase of Atlantic Station follows the success of the first phase, which consists of 325 luxury rental units along with 321 on-site, structured parking spaces and 16,000 square feet of retail. The first phase was delivered in January 2018 and experienced strong leasing velocity due to heavy demand for luxury rental units in the area.

The 26-story second phase of the Atlantic Station project will consist of 325 condo-quality units, approximately 48,000 square feet of retail and a 534-space structured parking garage. The retail component is 100% pre-leased to three tenants: The Learning Experience, Work Well Win and Dogtopia. In addition to the sweeping views and brand-new construction, the amenity package for Phase II includes a 24-hour staffed lobby, a fitness center with floor-to-ceiling glass, resident lounge, outdoor landscaped deck and an elevated swimming pool deck. Units will feature nine-foot ceilings, balconies, hardwood floors, stainless steel appliances, stone countertops, and in-unit washers and dryers. Atlantic Station Phase I and Phase II are located at 355 Atlantic Street and 405 Atlantic Street, respectively. The development is within walking distance to the Stamford Transportation Center, which provides access to New York’s Grand Central Station within 45 minutes via the Metro-North Railroad as well as Amtrak and ConnDOT for connectivity to regional destinations such as New Haven, Boston, Washington, D.C. and New Jersey. In addition, the development is within a half mile of Interstate 95 and near a Harbor Trolley stop for local transportation. Completion is expected in 2021.

The JLL Capital Markets team representing RXR Realty included Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti and Director Scott Findlay.

SAN DIEGO, CA – November 27, 2018 – HFF announces construction financing and joint venture equity for the development of Persea, a 305-unit, garden-style multi-housing community the San Diego-area city of Vista, California.

The HFF team arranged the joint venture partnership between LLJ Ventures and Orion Pacific Investments, LLC and secured a $54 million construction loan with Bank OZK.  

Persea is located at 1333 North Santa Fe Avenue in the heart of North County San Diego.  The property has superior connectivity to the surrounding communities of Carlsbad, Oceanside, San Marcos, Camp Pendleton and Escondido, as well as downtown San Diego, via direct access to State Route 78, which connects to the 5 and 15 Freeways.  Additionally, the transit-oriented community is within walking distance of two Sprinter light rail stations.  Persea is served by a variety of neighborhood retail and grocer amenities located at Downtown Vista Village and Del Oro Marketplace, among others.  Upon completion, Persea will feature three-story garden apartment buildings with studio, one- and two-bedroom units.  Planned community amenities include a clubhouse and game room; a resort-style pool with cabanas, fire pits and gas bbq grills; cabana-style lounge; two-level gym with an outdoor component; a group-fitness and yoga studio; and a roof deck and lounge.  

“We are excited to build a community in Vista that respects the city’s rich history, while also paying homage to the Vista of today - a burgeoning craft-brewing culture, a knowledge economy, an arts community and an entrepreneurial ethos that makes Vista the jewel of North County,” said Jeremy Meredith, Managing Partner, Orion Pacific.  “We are grateful for HFF’s leadership, expertise, and access to capital that brings together best-in-class financial sources including LLJ Ventures and Bank OZK.”

“Given San Diego’s housing deficit, and Vista’s flourishing population, we look forward to creating an environment that results in rich and authentic experiences for residents,” said Leonardo Simpser, Managing Director, LLJ Ventures.  “Persea will accomplish this by having the best amenities in the market and by curating activities around them that build community and create priceless memories.”

The HFF debt placement team representing the borrower included senior director Patrick Burger and senior associate Olga Walsh.