Chicago Developer Turns up the Luxury
- Jun 30, 2015
By Ioana Neamt, Associate Editor
A local developer is raising the bar for luxury living in Chicago.
Enlisting the help of HFF, JDL Development LLC secured an equity raise and financing for the development of No. 9 Walton, an ultra-luxury high-rise in the Gold Coast neighborhood. According to a news release, the equity capital was provided by Beijing-based Cindat Capital Management Ltd., while iStar Financial Inc. is providing the project’s debt financing through a first mortgage and mezzanine construction loan.
The deal was arranged on behalf of JDL by an HFF team led by Executive Managing Director Matthew Lawton and Senior Managing Director Dan Cashdan. Due for completion in 2017, the 36-story No. 9 Walton will be erected at the intersection of W. Walton and N. State streets in the much sought-after Gold Coast neighborhood.
The upscale tower will offer residents easy access to a variety of retail, dining and entertainment destinations in the Gold Coast and Miracle Mile areas, and will incorporate amenities such as an indoor lap pool, private wine storage, a private dining room, covered dog run, and many more.
At the time of closing, 35 percent of the 67 luxury units were pre-sold. Crain’s Chicago Business reports that the price tag for the 4,000-square-foot residential units ranges from $1.9 million to $9 million, placing No. 9 Walton on the same page as the Waldorf Astoria or the Palmolive Building. One of the largest condominium projects in Chicago in the last few years, the $275 tower was designed by Hartshorne Plunkard Architects, according to Crain’s.
Image courtesy of Hartshorne Plunkard Architects