CHICAGO—Their plans and renderings have been floating around forsome time, but a joint venture between iStarFinancial and JDL Development is now setto break ground on a new luxury apartment tower in Chicago's SouthLoop. The venture just secured $79.65 million in financing thatwill allow it to begin construction on a 469-unit building at 1000S. Clark St. The Chicago office of HFF arrangedthe four-year, floating-rate construction loan through Bankof the Ozarks.

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“The project will offer an absolute market leading mix ofamenities and is well positioned in Chicago's South Loop with awalk-to-work location and immediate access to neighborhoodamenities,” says HFF director Danny Kaufman, who,along with executive managing director MatthewLawton, led the financing effort.

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Chicago-based JDL was founded in 1993 by JimLetchinger, and although the company began by developingsingle-family homes and condominiums, over the past 20 years itprogressed into larger row home and town home communities, as wellas commercial properties and luxury high-rise apartments. And NewYork-based iStar, a finance and investment company, has investedmore than $35 billion during the past two decades.

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1000 South Clark St. will sit at the Roosevelt Rd. intersectionless than two blocks from the Roosevelt “L” station and adjacent toa newly constructed multi-level Target and theRoosevelt Collection, a mixed-use development. Situated on a2.53-acre site, the 28-story property will also include a fitnessfacility, indoor swimming pool, outdoor running track and 24-hourconcierge service.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.