Dealmaker: JLL Arranges $25M to Refinance Chicago’s Luxe on Madison

(Illustration courtesy of JLL)

JLL Capital Markets, Chicago, secured a $24.75 million refinancing for Luxe on Madison, a 102-unit, Class A multifamily community in Chicago.

JLL represented borrower Fifield Cos., Chicago, in arranging the five-year, fixed-rate loan through MetLife Investment Management, Whippany, N.J.

Luxe on Madison is located at 1222 West Madison Street in a fast-growing mixed-use neighborhood. The property offers residents access to major employers, dining and entertainment options within a ten-minute walk of the Fulton Market District.

Constructed in two phases in 2009 and 2016 the five-story Luxe on Madison offers 102 residential units and 7,300 square feet of ground-floor retail. The property has a mix of studios, one- and two-bedroom units averaging 845 square feet.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Danny Kaufman, Director Mary Dooley, Associate Rebecca Brielmaier and Analyst Mackenzie Jones.

“The property’s strong operating history and prime location continue to attract residents, and the strong underlying market fundamentals provide further support for a secure mortgage investment,” Dooley noted.