CHICAGO—Eleven Hundred, LLC has just gotten $31.5 million of senior financing for its 30,000 square-foot retail development at 1100 N. State St., the former location of the Hunt Club.

David Pisor, the developer of the former Elysian Hotel & Residences – now the Waldorf Astoria, and Jim Lasky, the owner and founder of the 18-year old Hunt Club, are the principals of the project. Located in Chicago's Gold Coast neighborhood, the development now includes a new steak house, Maple & Ash, in place of the Hunt Club, and an 19,000 square-foot Urban Outfitters store.

Cushman & Wakefield served as the exclusive advisor in the deal. Trisha Connolly, director of Cushman & Wakefield's equity, debt and structured finance team, secured the financing, provided by Private Bank, on behalf of the developer.

“The property is situated on the triangle, in the heart of one of the most prestigious retail districts in Chicago,” says Connolly. “Lenders were attracted to this opportunity because of the property's prime location, which offers tenants great exposure and branding opportunities that are rare in the city's dense, affluent retail market.”

Senior directors Luke Molloy and Danny Jacobson handled the leasing of the property on behalf of Pisor and Lasky. “The demand for prime retail space in the Gold Coast submarket is significantly higher than the supply, which has caused an expansion of the trade area,” says Molloy. “Landlords with properties that had formerly been outside the traditional boundaries are benefitting from this expansion, and are collecting much higher rents than previously achieved due to the increase in demand,” adds Jacobson.