JLL Capital Markets arranged a $141.817 million refinancing for Wolf Point West, a best-in-class luxury multifamily property in Chicago’s River North neighborhood.
JLL represented the borrower, Hines, in partnership with AFL-CIO Building Investment Trust (advised by DWS Group), Magellan Development Group and the Joseph P Kennedy Trust, in securing the three-year, floating-rate loan through New York Life Insurance Company.
Wolf Point West, located at 343 W Wolf Point Plaza, sits on the Wolf Point peninsula at the confluence of the three branches of the Chicago River. The property enjoys Chicago’s most desirable location with immediate pedestrian access to the Hubbard and Kinzie Street entertainment and retail corridors. The site offers unparalleled connectivity to Chicago’s premier business districts, with over 25,000 jobs in its immediate vicinity, including the newly completed Salesforce Tower Chicago next door.
Chicago continues to lead the nation in multifamily performance, with 4.2% annual rent growth compared to the national average of 0.4%. The city has been ranked as the top metropolitan area for corporate relocation and expansion by Site Selection Magazine for nine consecutive years, driven by companies seeking access to the city’s deep talent pool and rich amenity base.
Wolf Point West, delivered in 2016, is a striking 48-story residential tower offering 509 luxury rental units across 379,264 square feet. This LEED Silver-certified building features breathtaking views of the city, masterful architecture by bKL Architecture and meticulously designed interiors with top-of-market amenity spaces. Units feature open floor plans with floor-to-ceiling windows, stainless steel appliances, best-in-class fixtures and finishes and large glass-paneled balconies. Amenities include a 24-hour door staff, outdoor pool with expansive sundeck and dining terrace, state-of-the-art fitness center, game room with golf simulator, river gallery, business center, bicycle storage with bike wash and workshop and indoor-outdoor dog lounge.
JLL Capital Market’s Debt Advisory team was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic, Vice President Rebecca Brielmaier and Analyst Youngsoo Yang.
