November 8, 2016
Mesa West Capital originated $145 million in structured debt to recapitalize and stabilize 1000 South Clark, a 469-unit high-end apartment building in the South Loop of Chicago. The financing was issued to the property’s developer, a joint venture between Windy City-based JDL Development and iStar Inc. of New York.
The five-year, non-recourse financing included $30 million in mezzanine debt sold to an institutional investor at closing, and was secured by the property itself, which delivered this past February. The multifamily complex offers studios and townhomes, as well as one, two and three-bedroom units, and is in the final stages of lease-up.
“As result of the first-class amenities and high end apartment finishes, leasing velocity at 1000 South Clark has outperformed competitive buildings in the area,” said Matthew Snyder, who heads up Mesa West’s Chicago office.
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