JLL arranges $22.5M financing for Unilev Capital’s Chicago area shallow bay industrial portfolio

LOS ANGELES, Apr. 11, 2025 - JLL Capital Markets announced today that it has arranged $22.5 million in financing for a four-property, shallow-bay industrial portfolio totaling 382,762 square feet in the Chicago, Illinois metropolitan area. The financing included proceeds for the refinance of three assets and the acquisition of a fourth property.

JLL worked on behalf of the borrower, Unilev Capital Corporation and an affiliate of Palladius Capital Management, to secure the $22.5 million loan through a correspondent life insurance company.

The portfolio consists of Arlington Center, a two-building, 213,963-square-foot complex in Arlington Heights; Stanley, a five-building, 56,416-square-foot asset in Elk Grove Village; Remington, a 51,662-square-foot property in Schaumburg; and Old Willow Industrial Complex, a 12-building, 60,721-square-foot asset in Northbrook (acquisition). The properties are all 90%+ leased to diverse tenant rosters.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jeff Sause, Director Chad Morgan, Senior Director Brian Walsh and Associate Lauren Sackler.

"We are grateful to the teams at JLL and our lending partners for their dedication and flawless execution of both the refinance and acquisition financing," said Ian Konowitch, Chief Investment Officer at Unilev Capital. "This transaction aligns with our ongoing strategy to assemble a portfolio of highly functional, irreplaceable shallow-bay industrial assets in prime infill locations-acquired below replacement cost. We look forward to sharing more exciting acquisitions in the near future."

The Unilev team was led by Managing Principal Raymond Levy, Chief Investment Officer Ian Konowitch and Vice President of Investments Peter Berges.

"This financing demonstrates continued lender appetite for well-located, shallow-bay industrial assets in infill locations," said Chad Morgan of JLL. "The Chicago industrial market remains resilient, particularly for small-bay product that caters to a diverse tenant base. The strategic locations and strong in-place cash flows of these assets were highly attractive to lenders."

"Our investment thesis continues to focus on inland hubs and assets with rooftop proximity. This execution lines up exactly with that approach," added Nitin Chexal, Chief Executive Officer of Palladius Capital Management.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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