Overview
- LG Development Group obtained a $124.6 million refinancing for Arthur on Aberdeen, an 18‑story, 363‑unit luxury rental tower in Fulton Market, with Pacific Life Insurance Co. providing the loan and JLL arranging the deal.
- JLL’s Debt Advisory team led the borrower-side work, and the loan is structured as a three-year floating-rate note that replaces the project’s earlier construction financing.
- Arthur on Aberdeen came online in 2024 and reached roughly 92 percent occupancy after absorbing about 20 units per month during lease-up, supporting the refinancing terms.
- The building participates in Chicago’s 2021 Affordable Requirements Ordinance by reserving 20 percent of units at 60 percent of AMI and benefits from a 30-year tax abatement, which affect its cash flow profile.
- JLL cites strong metro fundamentals—urban-core rent growth and high occupancy, plus limited near-term deliveries—as the reason lenders are active in Chicago multifamily, though the short floating loan exposes the borrower to near-term interest-rate reset risk.