Chicago's Luxe on Madison secures $24.75M refinancing

CHICAGO, Dec. 3, 2024 – JLL Capital Markets announced today that it has secured the $24.75 million refinancing for Luxe on Madison, a 102-unit, Class-A multi-family community in Chicago, Illinois.

JLL represented the borrower, Fifield Companies, in arranging the five-year, fixed-rate loan through MetLife Investment Management.

Luxe on Madison is strategically located at 1222 West Madison St., in one of the city's fastest-growing mixed-use neighborhoods. The property offers residents immediate access to major employers, world-class dining and entertainment options, just a ten-minute walk from the center of the Fulton Market District.

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, coworking spaces, a rooftop terrace lounge and a covered parking garage.

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.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Fifield Companies, founded in 1977 by Steven Fifield, is a Chicago-based real estate development firm specializing in luxury urban high-rise residences and office towers. With over 40 years of experience and more than $7 billion in developments across major markets, Fifield has established itself as a premier developer, earning multiple awards and a reputation for creating exciting living environments in renowned locations. The company has experienced significant growth in the past decade, with over half of its 13,000 residential units and 8.7 million square feet of commercial space being built, acquired and managed during this period.