Dealmaker: JLL Capital Markets Secures $114M for High-Rise Community

(Illustration courtesy of JLL Capital Markets)

JLL Capital Markets, Chicago, secured a $113.75 million agency loan for K2 Apartments, a 496-unit, Class-A high-rise apartment community in Chicago.

JLL represented the borrower, Georgetown Co., to secure the seven-year, fixed-rate loan through Freddie Mac McLean, Va. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

K2 Apartments at 365 N Halsted St. in Chicago’s West Loop neighborhood is in the Fulton Market District just west of the Chicago River. The community is close to I-90 and walkable to the downtown central business district and has access to public transportation.

Chicago’s Fulton Market District, once the city’s meatpacking hub, has become one of the nation’s highest-growth neighborhoods. The area has maintained the authenticity of its historical architecture, while welcoming new developments designed for modern residents. This has led to an explosion in growth, where since 2016, five million square feet of space has been delivered in the area, a 924% increase in Class A developments and a 178% overall growth rate.

Constructed in 2013, 34-story K2 Apartments offers 386,250 square feet of living space with skyline views from the floor-to-ceiling windows of downtown Chicago.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic and Associate Rebecca Brielmaier.