LG Development Group has completed a USD 124.6 million refinancing for the Arthur on Aberdeen building. The 363-unit, 18-storey luxury residential building in downtown Chicago opened two years ago. The financing was provided by Pacific Life Insurance as a three-year floating-rate loan. The JLL Capital Markets team, comprising Danny Kaufman, Medina Spiodic, Rebecca Mitchell, Merrick Evans, and Annie Thomas, arranged the transaction.
Strong market performance and attractive location
Danny Kaufman of JLL described Arthur on Aberdeen as an institutionally-quality development. He emphasised that the downtown Chicago real estate market is currently characterised by a lack of new supply in the multifamily segment. Kaufman also highlighted the property's outstanding performance in its first two years in the Fulton Market submarket region.
Kaufman pointed out that the property's rapid lease-up, strong rent adjustments, and attractive tax structure demonstrate why so-called 'trophy assets' in irreplaceable locations like Fulton Market command lenders' confidence. Arthur on Aberdeen is located at 210 North Aberdeen Street in Fulton Market, a former industrial area that has developed into a modern living, working, and entertainment district near the West Loop on the Chicago River.
Amenities and market dynamics
The Arthur on Aberdeen building offers residential units ranging from studios to two-bedroom flats, which have achieved an occupancy rate of 92 per cent since 2024. These impressive leasing figures are largely due to the general recovery of Chicago's rental market, which recorded an annual occupancy rate of 97 per cent. According to JLL, the 80 per cent growth in the West Loop submarket region since 2010 also contributed. JLL reported that approximately 20 units were absorbed monthly during Arthur on Aberdeen's initial lease-up.
- —Rooftop pool
- —2,000 square foot fitness centre
- —Podcasting studios and co-working spaces
- —10,000 square feet of ground-floor retail space
