JLL Capital Markets announced today that it has closed the $99.5 million financing of The Elle, a 496-unit, trophy, high-rise multi-housing community in the South Loop submarket of Chicago, Illinois.
JLL worked on behalf of the borrower to secure the seven-year, fixed-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.
Constructed in 2018 and spanning 34 stories, The Elle features luxurious studio, one-, two- and three-bedroom units with an average size of 791 square feet with expansive nine-foot ceilings, private balconies, full-size washers and dryers, spacious custom built-in closets, floor-to-ceiling windows, elegant quartz countertops and stainless steel appliances. Amenities include a resort-inspired pool, an outdoor rooftop deck, a modern co-working hub, a private terrace with fire pits and grilling stations, bicycle storage, an expansive outdoor lawn, an entertainment room with bowling alleys and billiards and more. The property also features 1,727 square feet of ground floor retail and an attached, four-story parking garage.
With its prime location at 801 S. Financial Place near Lake Michigan, residents of The Elle have access to multiple attractions, including beaches, the more than 18-mile lakefront trail, Burnham Harbor & Northerly Island, Millennium Park and Grant Park, The Art Institute of Chicago, Maggie Daley Park, Soldier Field and Chicago’s world-famous Museum Campus. The community is also proximate to over 60 million square feet of office space.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Danny Kaufman, Managing Director Trent Niederberger, Director Lucas Borges and Associate Mike Halbach.