JLL Arranges $113M for Mag Mile Office-to-Residential Conversion

News| September 21, 2026| Jasmine Kilman

Chicago & Midwest + Apartment Buildings

JLL arranged $113 million in construction financing and joint venture equity for 500 North Michigan Ave. on behalf of Commonwealth Development Partners.

The project is currently underway and will involve a 25-story office-to-residential conversion delivering 320 luxury apartments in Chicago’s Magnificent Mile district. The adaptive reuse project will feature 253,024 square feet of space comprising studios, one- and two-bedroom units, and 60 parking spaces.

The JLL Capital Markets Debt Advisory and Equity Placement team representing the borrower included Managing Director Chris Knight, Senior Analyst Ryan Planek and Analyst Annie Thomas. “500 North Michigan Avenue presents a rare opportunity to create an outstanding adaptive reuse project in one of Chicago’s most coveted and supply-constrained locations,” said Knight.

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 non-recourse construction loan through Santander Bank, N.A., and arranged $41.8 million in joint venture equity with Washington Capital Management on behalf of one of its institutional clients.

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