JDL Cashes Out Quickly On 1000 South Clark
Mesa West Capital's recent Chicago spending spree continues with the news that the firm provided a $115M senior loan to JDL Development and iStar Financial as part of a $145M refinancing package for 1000 South Clark, the 469-unit high-rise apartment tower JDL opened in February.
The package included a $30M mezzanine loan that was sold to BlackRock, according to Crain's. The refinancing marks a huge payout for JDL and iStar and is further proof of bullishness in downtown multifamily. The sector will almost certainly set a record for transaction volume by year's end, spurred by eight- and nine-figure deals in Streeterville.
Mesa West has been on a roll. The firm helped Sterling Bay recapitalize 121 West Wacker with an $83M loan. It provided a $38M first mortgage for Tucker Development's 900 West adaptive reuse project in Fulton Market, and $30M for Golub to acquire Lake Shore Tower in Edgewater. Mesa West started 2016 by lending Hearn $210M to refinance John Hancock Center in January. [Crain's]
Note: JDL president Jim Letchinger (pictured) is one of our speakers for BMAC Midwest on Nov. 30. If you wish to attend, register here.