$25M Refinancing Secured for Luxury Chicago Multifamily Property
JLL has secured a $25.22 million refinancing for Chateau on Wells, a 43-unit luxury boutique apartment community in downtown Chicago.
JLL represented the borrower, Akara Partners, in arranging the three-year, floating-rate loan through D2 Residential. The property features a fully stabilized, 2016-built midrise apartment building with one in-line retail suite located at 707 N Wells St. in the heart of the River North entertainment district. Ideally situated in River North, the property provides immediate pedestrian access to the Magnificent Mile retail corridor.
JLL Capital Market’s Debt Advisory team was led by Managing Director Jesse Wright, Directors Joshua Odessky and Sam Tarter and Analysts Miguel Pedersen and Ben Banzhof. “The conservative underwriting metrics, combined with the property’s prime location in one of Chicago’s most desirable submarkets, made this an attractive refinancing opportunity,” said Wright. The property is 95% occupied, and features condo-quality modern apartment living with luxurious rental units averaging 1,059 square feet.
Don’t Miss It! Join us on Tuesday afternoon, June 2, 2026, at the Connect Midwest Multifamily Trends Conference as JDL Founder, Jim Leitchinger, is honored with the Changing Skyline Award followed by an exclusive Keynote Interview. This is a rare opportunity to hear firsthand insights from one of the region’s most influential visionaries in multifamily development.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout