On behalf of Atlantic Realty Partners & Focus Development, Jones Lang LaSalle has secured $12 million in joint venture financing from The Carlyle Group for a $43 million multifamily development project in suburban Chicago. The funds will be used for a ground-up 175-unit multifamily development in Evanston known as Seventeen17.
Managing directors David Gutting and Derrick Bloom and Vice President Porter Jones led the Jones Lang LaSalle team on the transaction as the financial advisor to Atlanta-based Atlantic Realty Partners. Managing Director Dave Hendrickson and Senior Vice President Keith Largay provided local expertise.
The multifamily development site, Seventeen17, is located at 1717 Ridge Ave. in Evanston, due north of Chicago. The eight-story development will be built on a one-acre site, consisting of 175 units and a two-story subterranean parking structure. The third floor will have an outdoor courtyard area, outdoor pool, state-of-the-art fitness facility and resident lounge/cybercafé. The site was acquired through a bank-owned foreclosure process that was planned as the third and fourth phases of a stalled condominium project.
