Finance N Illinois

JLL arranges financing for ELEVATE in Chicago's Lincoln Park

JLL arranges financing for ELEVATE in Chicago's Lincoln Park,ph1

JLL has arranged financing for ELEVATE, a newly built, 11-story luxury apartment building located in Chicago’s Lincoln Park neighborhood. JLL worked on behalf of the borrower, a joint venture between Baker Development Company and USAA Real Estate, to place the long-term, fixed-rate loan Fannie Mae through Greystone.

The JLL capital markets team representing the borrower was led by senior managing director Danny Kaufman and senior director Trent Niederberger. The deal was secured by HFF prior to being acquired by JLL earlier this month.

“ELEVATE is Lincoln Park’s first newly built residential high-rise in more than 30 years,” Kaufman said. “Due to the scarcity of large developable parcels and an historically difficult approvals process, the barriers to entry in the submarket are high, which will help ensure the property’s competitive advantage well into the future.”

ELEVATE contains 191 luxury apartment units totaling approximately 175,000 square feet, more than 16,000 square feet of ground-floor retail and 152 indoor parking spaces. Completed in 2018, the property incorporates a “V” shape floorplate design featuring 25 standard floor plans along with 16 penthouse-level apartments, including three duplex penthouse-level “sky homes.” ELEVATE also provides 20,000 square feet of amenity space, including a third-floor landscaped common area courtyard as well as a roof-level amenity floor that provides panoramic city skyline views, an outdoor pool with wraparound sundeck, state-of-the-art fitness center with personal audio/video and yoga studio, smartphone keyless entry, indoor dog spa and outdoor dog run.

Located at 930 W. Altgeld Street, the property is walkable to the lakefront, the Lincoln Park Zoo and multiple entertainment and retail amenities. In addition, ELEVATE is less than two blocks from the Fullerton “L” station, which provides a short commute to downtown.

“The Baker/USAA Real Estate team has created a truly exceptional addition to the neighborhood,” Niederberger added. “ELEVATE gives residents unparalleled views of the city and unrivaled unit plans and amenities.”