Finance N Illinois

JLL arranges $9.4M refinancing for Chicago recreational facility

JLL arranges 9.4M refinancing for Chicago recreational facility,ph1

JLL arranged a $9.4 million refinancing for The Armoury, a 46,040-square-foot infill industrial facility repurposed as an entertainment trampoline park and athletic training facility in Chicago. JLL worked on behalf of the borrower, a partnership between Clear Height Properties and Diamond Realty Holdings, to place the 9.4-year, fixed-rate loan with a financial holding company.

The Armoury comprises three adjacent industrial warehouses that recently underwent a multi-million-dollar renovation to be repurposed into a modern facility that functions as an entertainment trampoline park and athletic training facility, respectively. The property is fully leased to Altitude Trampoline Park, the second largest trampoline park brand in the world, and Performance Training Systems, a private athletic training facility that uses a scientific-based approach to improve clients’ overall physical performance.

Located at 404 N. Armour Street and 1515 W. Hubbard Street in Chicago’s River West submarket and Kinzie Corridor, The Armoury is proximate to The Loop, Fulton Market and Chicago’s Expressway system. It is the only trampoline park in the city of Chicago within an eight-mile radius.

The JLL Capital Markets team representing the borrower was led by managing directors Christopher Carroll and Jason Bond as well as director Lucas Borges. The deal secured by Holliday Fenoglio Fowler LP (HFF) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP.