JLL Capital Markets announced today that it has arranged a $4 million refinancing for a 675-unit Devon Self Storage facility in Chicago, Illinois.
JLL worked on behalf of the borrower, a pension fund and their operator, Devon Self Storage, to secure the below-market, fixed-rate, seven-year loan with partial interest only and a flexible prepayment structure.
Devon Self Storage Holdings (US) LLC is an employee-owned private real estate company offering management and development services across the country. Currently Devon manages over 100 sites in 24 states across the country.
This Devon location at 1601 S. Canal St. is just 1.3 miles from the heart of Downtown Chicago. The property benefits from the dense population of more than 850,000 residents within a five-mile radius.
The multi-story facility offers 70 different unit sizes, climate-controlled units, 24-hour security, and onsite management.
The JLL Capital Markets team representing the borrower was led by Senior Director Chris Collins and Analyst Aiden Hayes.
“Self-storage has proven to be a resilient alternative asset class and is still widely financeable despite rising interest rates and economic headwinds,” Collins said.