USAA Real Estate and partner receive financing for luxury apartment building in Chicago

JLL has arranged financing for ELEVATE, a newly built, 11-story luxury apartment building located in Chicago’s Lincoln Park neighborhood.

“ELEVATE is Lincoln Park’s first newly built residential high-rise in more than 30 years,” said Danny Kaufman, senior managing director at JLL Capital Markets.  “Due to the scarcity of large developable parcels and an historically difficult approvals process, the barriers to entry in the submarket are high, which will help ensure the property’s competitive advantage well into the future.”

JLL worked on behalf of the borrower, a joint venture between Baker Development Company and USAA Real Estate, to place the long-term, fixed-rate loan with Fannie Mae through Greystone.

ELEVATE contains 191 luxury apartment un