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$850M Chicago project lands $735M financing

JDL Development secured a $735 million financing package for its planned $850 million One Chicago Square project in Chicago, Commercial Observer reported.

Bank OZK extended $475 million in construction financing, while Square Mile Capital Management provided a $260 million structured investment that includes preferred equity and mezzanine debt.

In an interview with Crain's Chicago Business, JDL President Jim Letchinger declined to disclose the amount of financing obtained on March 12. He added that new its equity partner Wanxiang America Real Estate Group LLC also made an investment in the project. Sterling Bay Cos. LLC teamed up with JDL as its major equity partner in 2018, before dropping out because of other commitments.

JDL will now begin building the 76-story, 1.5-million-square-foot tower, which is expected to offer 735 rentals, 77 residential condominium units and 193,000 square feet of retail space at 740 N. State St. upon completion in the second half of 2022.

The developer acquired the project site from the Archdiocese of Chicago in April 2017.

Letchinger did not immediately respond to Commercial Observer's request for comment, the March 21 report added.