Fifield Lands $25M Refi for Chicago Asset
MetLife Investment Management provided the loan.
Fifield Cos. has secured a $24.8 million refinancing loan for Luxe on Madison, a 102-unit, Class A community in Chicago. MetLife Investment Management provided the five-year, fixed-rate note in a deal arranged by JLL Capital Markets.
Previous debt included a $27.5 million, seven-year loan issued by CIBC Bank USA in 2017, Yardi Matrix data shows. Fifield acquired the asset in 2013 for $20.1 million.
Luxe on Madison had initially made its debut as a condo property in 2009 but was subsequently converted to multifamily. Following the conversion, the community held 58 units until 2016 when Fifield added 44 apartments, bringing the unit count to 102.
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The five-story property encompasses studio, one- and two-bedroom floorplans ranging from 524 to 1,410 square feet, as well as roughly 7,300 square feet of ground-floor retail space. Units feature 10-foot ceilings and oversized windows while the community amenities include a gym and coworking spaces, among others.
Carrying the address 1222 W. Madison St., Luxe on Madison is roughly 2 miles from downtown Chicago, where the third-tallest building in the Western Hemisphere—Willis Tower—can be found. The 24.5-acre Millennium Park is also approximately 2 miles away.
The JLL team that represented Fifield in the financing proceedings included Senior Managing Director Danny Kaufman, Director Mary Dooley and Associate Rebecca Brielmaier, as well as Analyst Mackenzie Jones.
Chicago multifamily’s mixed performance
Metro Chicago multifamily investment volume landed at more than $2 billion during the first 11 months of 2024, Yardi Matrix data shows. The volume was roughly $565 million below the one registered during the same period last year—north of $2.5 billion. However, the slump in investment wasn’t as pronounced as the delta between 2022 and 2023, which clocked in at more than $1.1 billion.
Year-to-date through December, developers completed roughly 5,900 units throughout Chicagoland, the data provider also reveals. Although the year is not yet over, the figure is nearly half the one recorded in 2023—roughly 10,200 units.
As the Windy City was struggling with new supply, advertised asking rates went up 2.9 percent year-over-year in October, according to a Yardi Matrix report. The figure was significantly ahead of the 0.9 percent national figure.
