Pacific Life Insurance Provides $125M Refi for Chicago Luxury Tower

Capital keeps flowing into the Windy City. 

LG Development Group has secured $124.6 million to refinance Arthur on Aberdeen, a 363-unit, 18-story luxury residential tower that opened two years ago in Downtown Chicago. 

Pacific Life Insurance provided the debt, structured as a three-year, floating-rate loan, while the JLL Capital Market’s team of Danny Kaufman, Medina Spiodic, Rebecca Mitchell, Merrick Evans and Annie Thomas arranged the transaction. 

JLL’s Kaufman called Arthur on Aberdeen an “institutional-quality development” in a statement, and said that the Downtown Chicago market is currently constrained by a lack of new supply across the multifamily space. He also cited the asset’s performance in its first two years in the Fulton Market submarket. 

“The property’s rapid lease-up, strong lease trade-outs and accretive tax structure demonstrate why trophy assets in irreplaceable locations like Fulton Market command lender confidence,” added Kaufman.

Located at 210 North Aberdeen Street in Fulton Market — a former industrial yard that is now a niche live-work-play environment that sits near the West Loop across the Chicago River — Arthur on Aberdeen features studios to two-bedroom units that have achieved 92 percent occupancy since 2024. 

Much of the strong leasing metrics comes on the heels of Chicago’s overall leasing rebound — which has recorded occupancy rates of 97 percent year-over-year — and the 80 percent growth of the West Loop submarket since 2010, according to JLL. 

Arthur on Aberdeen absorbed approximately 20 units per month during lease-up, per JLL. 

The building also features a rooftop pool and a 2,000-square-foot fitness center, as well as podcasting studios, coworking spaces, and 10,000 square feet of ground-floor retail space. 

Brian Pascus can be reached at bpascus@commercialobserver.com.