March 14, 2019
Chicago-based JDL Development secured construction financing for One Chicago Square, a more than $850-million high-rise residential tower set to be developed in Chicago’s River North district. The 76-story skyscraper is planned to include 795 apartments and 75 condominiums, a Whole Foods grocery store and a Lifetime fitness center.
JDL’s Jim Letchinger told Crain’s Chicago it received a construction loan from Bank OZK and an investment from equity partner Wanxiang America Real Estate Group, a unit of a Chinese auto-parts company. Additional mezzanine financing and preferred equity is coming from New York-based Square Mile Capital Management.
The development site at 740 N. State St. is across from the Holy Name Cathedral. The project is slated to delivery by year-end 2022.
The construction financing follows more than two years of work by JDL. It acquired the site from the Archdiocese of Chicago in 2017, and received City Council approval for the proposed tower last year.
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