Georgetown Co. Secures $114M for Chicago Community

The Georgetown Co. has secured a seven-year, fixed-rate Freddie Mac loan in the amount of $113.8 million for K2 Apartments, a 496-unit luxury community in Chicago.

JLL Capital Markets arranged the agency loan on behalf of the ownership. JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender, will service the note.

The Georgetown Co. acquired the property in December 2014 from Fifield Cos. for $214.3 million, with the help of a 10-year, fixed-rate $118 million CMBS loan originated by HFF Inc., according to Yardi Matrix information.

Located at 365 N Halsted St. in Chicago’s West Loop neighborhood, K2 Apartments is a Class A, 34-story property completed in 2013. The apartment building is within half-a-mile from the Union Pacific and Milwaukee District lines, as well as the Blue Line and North Central Service. Downtown Chicago is less than 2 miles southeast. The community is within a mile from several eateries and retail options.

A Class A downtown Chicago community

The 386,249-square-foot property offers studio to three-bedroom unit layouts that range in size from 481 to 1,515 square feet. Common-area amenities include a swimming pool, fitness center, movie theater, 24-hour concierge service, dog park and an indoor basketball court. The property also features multi-level parking with upwards of 350 spots.

The JLL Capital Markets Debt Advisory team representing the owner included Senior Managing Director Danny Kaufman, Director Medina Spiodic and Associate Rebecca Brielmaier. In December, Kaufman and Brielmaier were involved in securing a nearly $25 million refinancing loan for another Class A community in Chicago.