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.
1000 South Clark St. will sit at the Roosevelt Rd. intersection less than two blocks from the Roosevelt “L” station and adjacent to a newly constructed multi-level Target and the Roosevelt Collection, a mixed-use development. Situated on a 2.53-acre site, the 28-story property will also include a fitness facility, indoor swimming pool, outdoor running track and 24-hour concierge service.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
