Vista Property has secured a $59.8 million construction loan for 741 North Wells, located in downtown Chicago. JLL Capital Markets represented the borrower in arranging the floating-rate construction loan through Huntington National Bank.
The deal was led by Senior Director Christopher Knight, of the JLL Capital Markets Debt Advisory team, along with Director Mary Dooley and Associate Medina Spiodic.
The Class A community will include 168 units, with an average of 740 square feet. The building will also feature 3,580 square feet of retail space, a rooftop pool, fitness center and coworking lounge space. According to Yardi Matrix data, initial plans for the building consisted of 178 units.
The location of 741 North Wells is in a centralized, increasingly sought-after Chicago market, with steady gains in both workforce and upscale units. Due to the centralized River North community, residents of the new development will be close to the Central Business District, Old Town, Rush and Oak Street Corridors, and the Clybourn Corridor. With the Chicago Avenue intersection just north of the property, Chicago Avenue and Wells Street are easily accessible for transportation on arterial thoroughfares.
Completion of the development is expected to take place in early 2024.