Jones Lang LaSalle’s Capital Markets secured $125 million in acquisition financing for Onterie Center, a two-building residential and commercial property located at 441 East Erie in the heart of’s Streeterville neighborhood. New York Life provided the financing, which will also fund future property upgrades and renovations, for the 615-unit property.
Managing Director David Hendrickson, Senior Vice President Keith Largay and Vice President Ian Russell led the Jones Lang LaSalle team on this transaction.
“Onterie Center is backed by strong institutional sponsorship, generates solid in-place cash flow and is in the heart of one of the highest residential rent districts in the city,” Hendrickson said in a statement. “It offers superior amenities, an unparalleled location near a variety of dining and shopping options, and magnificent city and lake views, all of which made this a compellingfor New York Life.”
Designed by Skidmore, Ownings & Merrill and completed in 1986, Onterie Center features a 60-story, 583-unit residential tower with 102,616 sq. ft. of fully-leased commercial space and an 11-story tower with 32 luxury loft units. It features a superior amenities package, including a full-health club with sauna, indoor pool with lake views, yoga/Pilates studio, laundry room, outdoor sky deck with 360-degree open air views of the city and lake, clubroom with kitchen and lounge, dry cleaners, child care facility, 24-hour door staff, business center and parking for 363 vehicles.
Commercial tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center.