JLL Capital Markets arranged $38.1 million in senior construction financing and $6 million in preferred equity for 310 West Huron, a 149-unit luxury multifamily development project in Chicago, Illinois.
JLL worked on behalf of the borrower, a joint venture between Third Coast Real Estate and ZSD, in securing the three-year construction facility through CIBC and preferred equity investment from N3 Capital Management.
The project is located at 310 W. Huron St. in Chicago’s River North neighborhood, one block from the Chicago Avenue CTA “L” train station. The area provides access to major employment centers including River Point, Salesforce Tower and the Merchandise Mart, which house more than 26,000 employees. Residents will have walking access to dining and entertainment districts along Wells, Hubbard and Kinzie streets, as well as both Fulton Market and the Gold Coast.
Chicago’s urban core continues to demonstrate strong fundamentals with consistent population and income growth supporting elevated occupancy and compound annual rent growth exceeding 4% since 2020. The neighborhood attracts educated residents with an average household income of $191,000 within a half-mile radius, with 88.5% holding bachelor’s degrees and 92.5% working in white-collar jobs.
The nine-story, +/-134,000-square-foot building will feature studios, one- and two-bedroom apartments, including 11 two-story units with private patios. Apartments will include quartz countertops, stainless steel appliances, in-unit washers and dryers and wood-style flooring. Amenities include a rooftop lounge with fitness center, co-working space, ground-floor coffee bar and outdoor deck with grills. The project includes +/-3,700 square feet of ground-floor retail space and 21 parking spaces. Construction has already commenced, with completion expected in March 2027.
The development partnership between ZSD and Third Coast Real Estate represents more than 60 years of combined real estate experience. The companies have developed more than $375 million in residential real estate and secured more than $3 billion in financing.
JLL Capital Market’s Debt Advisory team was led by Managing Director Christopher Knight, Director Mary Dooley and Analyst Ryan Planek.
