Dealmaker: JLL Secures $133M for Office, Multifamily
JLL, Chicago, arranged $63 million secured by Executive Towers West, a three-building office campus in suburban Chicago.
Morgan Stanley, New York, supplied the financing to Group RMC, New York.
JLL Managing Director Adam Schwartz and Executive Vice President Brett Rosenberg arranged the financing. CBRE, Los Angeles, brokered the sale.
“The previous owners had recently completed a multimillion capital improvement program at Executive Towers West, with enhancements including a new tenant lounge, fitness center, conference centers and food service area,” Schwartz said. “The campus is nearly 90 percent occupied and offers some of the largest and most efficient Class A floor plates in the East-West corridor, one of Chicago’s most desirable office submarkets.”
The East-West corridor ranks as one of the largest employment centers in Illinois with more than 100 corporate headquarters nearby.
The three-building Executive Towers West campus occupies 1400, 1411 and 1431 Opus Place in Downers Grove, Ill. Developed between 1983 and 1987, the campus totals 682,500 square feet.
JLL also arranged a $69.5 million fully amortizing 40-year construction and permanent loan through HUD’s FHA 220 program for The Odeon at South Market. The Domain Cos. is building the high-rise building in downtown New Orleans.
The Odeon at South Market represents the fifth phase of the South Market District, Domain’s $500 million, six-phase master-planned mixed-use development.
International Director Tim Leonhard led the JLL team securing the financing. “We’ve been able to help Domain obtain more than $100 million in construction and permanent financing for nearly 500 units, complimentary commercial space and a sizeable amount of structured parking within the master development of The South Market District over the last five years,” he said.
The Odeon at South Market will be the tallest building constructed in downtown New Orleans in more than 30 years with 25 floors of apartments and four floors of parking and retail. Leasing is expected to begin in fall 2020.
