JLL Capital Markets announced that it has secured a $113.75 million agency loan for K2 Apartments, a 496-unit, Class-A, high-rise apartment community in Chicago, Illinois.
JLL Capital Markets worked on behalf of the borrower, Georgetown Company to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
K2 Apartments, situated at 365 N Halsted Street in Chicago’s vibrant West Loop neighborhood, offers an ideal location in the Fulton Market District just west of the Chicago River. With its proximity to I-90, walkable distance to the downtown central business district and excellent access to public transportation, this is the ideal location for convenient urban living and connectivity to the city’s amenities.
Chicago’s Fulton Market District, once the city’s meatpacking hub, has transformed into one of the nation’s highest-growth and most in-demand neighborhoods. The area has maintained the authenticity of its historical architecture, while welcoming new developments designed for modern residents. This has led to an explosion in growth, where since 2016, 5.03 million square feet of space has been delivered in the area, a 924% increase in Class A developments and a 178% overall growth rate. This vibrant district has become a magnet for diverse businesses, boasting 151 restaurants, 707 hotel keys delivered and an average resident annual retail spend of $20,623, cementing its status as Chicago’s intersection of food, design, hospitality, art, culture, technology and business. Fulton Market District also features beloved local spots such as Little Italy, Union Park and the National Hellenic Museum.
The community features a diverse range of units, from studios to three-bedroom apartments, each featuring amenities including energy-efficient stainless steel appliances, plank flooring and stone countertops. Residents enjoy an array of community amenities, including a swimming pool, terrace lounge, movie theater room, 24-hour concierge service, dog park and an indoor basketball court, making K2 Apartments a premier destination for upscale urban living.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Danny Kaufman, Director Medina Spiodic and Associate Rebecca Brielmaier.
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.
