JLL Capital Markets announced that it has secured the $24.75 million refinancing for Luxe on Madison, a 102-unit, Class A multifamily community in Chicago, Illinois.
Luxe on Madison is a sophisticated five-story, mid-rise community constructed in two phases in 2009 and 2016, offering a total of 102 residential units complemented by approximately 7,300 square feet of ground-floor retail. The property features a mix of studios, one- and two-bedroom units, boasting an average size of 845 square feet. Each apartment is thoughtfully designed with high-end finishes, including quartz countertops, stainless steel appliances, oversized windows, tile backsplash, plank flooring and 10-foot ceilings. Residents can also enjoy access to a range of amenities such as a fitness center, co-working spaces, a rooftop terrace lounge and a covered parking garage.
JLL represented the borrower, Fifield Companies, in arranging the five-year, fixed-rate loan through MetLife Investment Management. JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Danny Kaufman, Director Mary Dooley, Associate Rebecca Brielmaier and Analyst Mackenzie Jones.
“Luxe on Madison represents an excellent financing opportunity in one of Chicago’s most dynamic neighborhoods,” commented Dooley. “The property’s strong operating history and prime location continue to attract residents, and the strong underlying market fundamentals provide further support for a secure mortgage investment.”
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 sales and 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.
