LG Development Lands $125M for Chicago Luxury Tower
Pacific Life provided the note for the Fulton Market property.
LG Development Group has secured a $124.6 million refinancing loan for Arthur on Aberdeen, a 363-unit luxury tower in Chicago’s Fulton Market neighborhood. JLL Capital Markets arranged the three-year, floating-rate loan through Pacific Life Insurance Co.
Although the property came online in 2024, its occupancy rate was at 92 percent at the time of the deal. During lease-up, the community absorbed about 20 units per month.
Previous financing included a $94.2 million construction loan, according to Yardi Matrix information. Santander Bank provided the note.
The upscale community rises 18 stories at 210 N. Aberdeen St. The property includes studio, one- and two-bedroom floorplans ranging from 462 to 1,274 square feet, along with about 10,000 square feet of fully leased, ground-floor retail space.
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Arthur on Aberdeen also participates in Chicago’s 2021 Affordable Requirements Ordinance program. Under the arrangement, 20 percent of the units are reserved for households earning 60 percent of the area median income, while the property benefits from a 30-year tax abatement schedule.
The property features a rooftop pool and spa, a fitness center spanning more than 2,000 square feet—the largest in the West Loop—coworking areas and a podcasting studio, among other top multifamily amenities.
JLL Senior Managing Director Danny Kaufman, Director Medina Spiodic, Vice President Rebecca Mitchell, Senior Analyst Merrick Evans and Analyst Annie Thomas led the Debt Advisory team representing the borrower.
Chicago’s steady multifamily sector
Chicago’s urban core recorded 6.5 percent year-over-year effective rent growth and 97 percent occupancy, according to JLL. Scheduled deliveries are expected to remain below 1 percent of existing supply over the next 12 months, creating a market backdrop that has continued to support multifamily refinancing activity in the metro.
Another large refinancing deal that recently penciled through in the metro involved the 509-unit Wolf Point West, also a luxury community. Hines, AFL-CIO Building Investment Trust, Magellan Development Group and the Joseph P. Kennedy Trust obtained the note from New York Life Insurance Co.
