$73.5M in financing secured for Chicago-area multi-housing community
JLL Capital Markets arranged the acquisition financing for the 403-unit City View at the Highlands in Lombard, Illinois
CHICAGO, Jan. 13, 2022 – JLL Capital Markets announced that it has arranged $73.5 million in agency financing for the acquisition of City View at the Highlands, a 403-unit, value-add, mid-rise apartment building located in the Chicago suburb of Lombard, Illinois.
JLL represented the borrower, Torchlight Investors, LLC to secure the 10-year, floating-rate loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. The Hayman Company will provide leasing and property management services.
The seven-story City View at the Highlands features units with quartz countertops, stainless steel appliances, wide plank flooring, nine-foot ceilings, full-size washers and dryers, patios or balconies and an average size of 902 square feet. The amenities within the community include a swimming pool and sundeck, outdoor grilling area, two outdoor lounge spaces with fire pits, a 24-hour fitness center, a yoga studio, a community kitchen, a tech and business center and a conference room.
Located at 2720 S. Highland Avenue, the community is adjacent to Butterfield Road and two major expressways, I-88 and I-355, leading to both Chicago’s international airports, the Chicago CBD, the surrounding suburbs and top employment options. The suburban location provides walkability to Yorktown Center and proximity to numerous retail options at Oakbrook Center. Situated in DuPage County, the property offers access to several college campuses, as well as top healthcare options such as Northwestern Medicine Central DuPage, Advocate Good Samaritan and Edward Hospital.
The JLL Capital Markets team representing the borrower was led by Senior Director Jimmy Conley and Analyst Carter Wroblewski.
JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Torchlight Investors, LLC
Torchlight was founded in 1995 to provide investment management services to institutional clients seeking exposure to commercial real estate markets. Torchlight has sponsored 11 investment funds for institutional clients, including public and corporate pension funds, endowments and foundations, and sovereign wealth funds. Over more than two decades, Torchlight has invested across a wide array of commercial real estate investments, including: private senior and mezzanine loans, preferred equity, equity and investment grade and non-investment grade CMBS while pursuing opportunistic, value-add and benchmarked fund strategies. Torchlight has originated or acquired over $25 billion in commercial real estate investments and has over $5 billion of assets under management. For more information, visit torchlightinvestors.com.