JDL Development And Kayne Anderson Acquire 31-Acre Development Site In Chicago For $84M
$84,000,000
Building Size
—
Asset Type
Development Site
Closing
Sep 30, 2025
AI
The asset involved in this transaction is a development site located at 2001 North Southport Avenue in the Chicago market. The sale price for the 31-acre northern portion of the former Lincoln Yards site was $84,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $84,000,000
- Buyer: James D. Letchinger - JDL Development
- Buyer: Albert Rabil - Kayne Anderson Real Estate
- Seller: George Gleason - Bank OZK
- Land Area: 31 acres
- Rebranding: Foundry Park
- Projected Development Cost: $1,000,000,000
- Planned Units: 3,300 housing units
- Planned Components: Retail, office, hospitality, and open space
- Previous Owner: Lone Star Funds and Sterling Bay
- Previous Loan Default: $126,000,000
James D. Letchinger and Albert Rabil acquired the land from Bank OZK, which had seized it after the prior owners defaulted on a loan. The development plan includes a comprehensive mixed-use project aimed to transform the site significantly.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93