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JLL Secures $113.75M Freddie Mac Loan For K2 Apartments Multifamily In Chicago's West Loop

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FINANCED
$113,750,000
Danny Kaufman
Medina Spiodic
Rebecca Brielmaier

Illinois

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MultiFamily
Financed 01/07/2025
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Property Image
FINANCED

JLL Secures $113.75M Freddie Mac Loan For K2 Apartments Multifamily In Chicago's West Loop

365 North Halsted Street

See Similar Deals
MultiFamily
Financed 01/07/2025
Danny Kaufman
Medina Spiodic
Rebecca Brielmaier
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Loan

K2 Apartments is a multifamily asset located at 365 North Halsted Street in Chicago's West Loop. This property comprises 496 units in a Class-A high-rise format. Owned by the Georgetown Company, the building was constructed in 2013 and offers luxury amenities positioned in the rapidly growing Fulton Market District.

Summary of transaction details:

This transaction was brokered by JLL, showcasing their role in securing a significant Freddie Mac loan for the property. The loan reflects the increasing interest in multifamily housing and the competitive advantage of a prime location within a prominent development zone.

Players

Medina Spiodic
JLL
Medina Spiodic
5 deals$537.9M volume
BROKER
Danny Kaufman
JLL
Danny Kaufman
9 deals$745.6M volume(312) 528-3684
BROKER
Rebecca Brielmaier
JLL
Rebecca Brielmaier
5 deals$400.5M volume
BROKER
Freddie Mac
Freddie Mac
LENDER

Details

FINANCED
IMAGE: Medina Spiodic, Adam Flatto, Rebecca Brielmaier & Danny Kaufman DATE: 01/07/2025 ADDRESS: 365 North Halsted Street MARKET: Chicago ASSET TYPE: Multifamily ~ UNITS: 496 LENDER: Freddie Mac (@FreddieMacCorp) LANDLORD: Adam Flatto - Georgetown Company BROKERS: Danny Kaufman, Medina Spiodic & Rebecca Brielmaier (@BecsBrielmaier) - JLL (@JLL) LOAN AMOUNT: $113,750,000 LOAN TERMS: seven-year, fixed-rate loan NOTE: JLL secures a $113.75M Freddie Mac loan for K2 Apartments, a 496-unit Class-A high-rise in Chicago's West Loop. The Georgetown Company-owned property, built in 2013, offers luxury amenities and a prime location in the rapidly growing Fulton Market District, which has seen a 924% increase in Class-A developments since 2016. =Chicago

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$113,750,000.00

Monthly NOI$758,333.33
Monthly Debt Service$718,977.38
Change in Cash Flow$0.00
Refinance Proceeds$0.00