$31M construction loan arranged for multi-housing community in Chicago’s Lincoln Park neighborhood

CHICAGO, Aug. 22, 2024 -  JLL Capital Markets announced today that it has arranged a $31 million construction loan in the form of a participating mortgage for the development of 1529 N Fremont, a 132-unit, fully entitled multi-housing development in Chicago's Lincoln Park neighborhood.

JLL worked on behalf of the borrowers, CityPads and Wayland Real Estate Capital, to secure the four-year, participating mortgage construction loan through a blue-chip life insurance company. CityPads' mission is to provide modern, new construction multi-housing community in walkable and transit-oriented locations at an attainable price for average residents.

The five-story project is anticipated to break ground in third quarter of 2024, and upon completion will feature four stories of rental units above 9,500 square feet of retail space and 29 parking spaces. Highly efficient units will be available in studio, junior one bedroom, one- and two-bedroom layouts and will average 500 square feet each. Community amenities will include a fitness studio, co-working lounge and activated outdoor space.

Located at 1529 N Fremont, the property is positioned in the heart of Lincoln Park, two miles north of the Magnificent Mile and many of downtown's office towers, hotels and attractions. Additionally, the property is just one block from the Red Line CTA station and close to a Whole Foods supermarket and the famed Steppenwolf Theater. The broader Lincoln Park neighborhood is home to a variety of shopping and dining options and is a short walk from the lake.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Lucas Borges and Associate Ryan Sullivan.

"1529 N Fremont is well positioned to capitalize on the surrounding amenities that this growing pocket of the city has to offer," said Borges. "CityPads' recent similar projects, Tapestry Station and The Edge on Broadway, were delivered in March 2024 and June 2020, respectively and outperformed expectations. We anticipate with the current pent-up demand coupled with diminished supply; 1529 N Fremont will follow a similar trajectory."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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