JLL Capital Markets announced that it arranged $113 million in construction financing and joint venture equity for 500 North Michigan Ave. on behalf of Commonwealth Development Partners (CDP). The 500 North Michigan Ave. project is the largest office-to-residential conversion project currently under way in Chicago and will convert a 25-story office building into 320 luxury apartments in Chicago’s premier Magnificent Mile district.
Commonwealth has completed several large-scale office-to-residential conversion projects around the country, and the 500 North Michigan project fits well with Commonwealth’s strategy of pursuing attractive adaptive reuse projects in supply-constrained urban infill markets.
Following Commonwealth Development Partners and Triangle Capital Group’s off-market acquisition of the property in August 2025 for $5 million, JLL was engaged and secured a $71.5 million nonrecourse construction loan through Santander Bank, N.A., and arranged $41.8 mi
