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.

“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.

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.