$25.22M refinancing secured from D2 Financial for Chateau on Wells in Chicago

CHICAGO, March 5, 2026 –  JLL Capital Markets announced today that it has secured a $25.22 million refinancing for Chateau on Wells, a 43-unit luxury boutique apartment community in downtown Chicago.

JLL represented the borrower, Akara Partners, in arranging the three-year, floating-rate loan through D2 Residential.

The property features a fully stabilized, 2016-built midrise apartment building with one in-line retail suite located at 707 N Wells St. in the heart of the River North entertainment district. With current physical occupancy at 95%, Chateau on Wells offers breathtaking views of downtown Chicago and condo-quality modern apartment living with 43 luxurious rental units averaging 1,059 square feet and $4,091 per month in rent.

Ideally situated in River North, the property provides immediate pedestrian access to the Magnificent Mile retail corridor, which ranks among the top three in the United States by sales volumes. Residents also enjoy proximity to the Chicago Riverwalk, the second largest metro system in the country and some of Illinois' most popular beaches. The neighborhood has transformed from a former warehouse district into one of Chicago's most trendy areas, featuring the largest concentration of art galleries outside of Manhattan, world-class restaurants and buzzing nightlife.

The financing comes at a time when Chicago's multifamily market stands among the most supply-constrained in the nation. With only 9,200 units currently under construction representing just 1.6 percent of total inventory – far below the national average of 2.7 percent – limited pipeline has fueled rent growth of 3.9 percent for Class A properties over the past 12 months. Downtown Chicago has recorded even stronger metrics, with rent growth for Class A assets at 5.0 percent and vacancy rates at just 5.1 percent.

JLL Capital Market’s Debt Advisory team was led by Managing Director Jesse Wright, Directors Joshua Odessky and Sam Tarter and Analysts Miguel Pedersen and Ben Banzhof.

"The conservative underwriting metrics, combined with the property's prime location in one of Chicago's most desirable submarkets, made this an attractive refinancing opportunity," said Wright.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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The sponsor, Akara Partners, is a locally based Chicago real estate investment and development firm that has developed or acquired over 4,000 units since its inception. Led by industry veteran Rajen Shastri, the company maintains offices just one mile from the property and has an immediate development and acquisition pipeline of more than 4,800 beds in multifamily and niche housing sectors in student and senior housing representing over $1.1 billion in capitalization.

D2 Residential specializes in delivering multifamily finance solutions to middle-market investors across the country. As a direct lender with discretionary capital, the company provides customized financing offerings with speed and certainty of execution for industry-leading real estate professionals.