CHICAGO—Their plans and renderings have been floating around for some time, but a joint venture between iStar Financial and JDL Development is now set to break ground on a new luxury apartment tower in Chicago's South Loop. The venture just secured $79.65 million in financing that will allow it to begin construction on a 469-unit building at 1000 S. Clark St. The Chicago office of HFF arranged the four-year, floating-rate construction loan through Bank of the Ozarks.

“The project will offer an absolute market leading mix of amenities and is well positioned in Chicago's South Loop with a walk-to-work location and immediate access to neighborhood amenities,” says HFF director Danny Kaufman, who, along with executive managing director Matthew Lawton, led the financing effort.

Chicago-based JDL was founded in 1993 by Jim Letchinger, and although the company began by developing single-family homes and condominiums, over the past 20 years it progressed into larger row home and town home communities, as well as commercial properties and luxury high-rise apartments. And New York-based iStar, a finance and investment company, has invested more than $35 billion during the past two decades.