Chicago Towers Receive $62M in Equity
The 720,000-square-foot multifamily project consists of two 17-story buildings featuring roughly 590 units and more than 10,000 square feet of retail space.
HFF has secured $61.9 million in equity for the development of 845 West Madison, a 586-unit community in Chicago. The company represented the developer, Lendlease and The John Buck Co., to arrange the joint venture equity partnership with Intercontinental Real Estate Corp. GREC Architects designed the project.
Located at 845 W. Madison St., in Chicago’s West Loop/Fulton Street submarket, the project is situated on the former H20+ Cosmetics site. The two 17-story towers are slated to be completed in 2020 and will include 319 residences in the north tower and 254 in the south. The development will provide convenient access to Chicago’s central business district. Additionally, Interstate 90/94 and various transportation stops are nearby.
The approximately 720,000-square-foot community will feature a mix of one-, two- and three-bedroom units and more than 10,000 square feet of ground-floor retail space. In-unit amenities will include stainless steel appliances, gas cooktops, quartz countertops, ceramic tile backsplashes, engineered wood floors, washer/dryer and balconies in selected units.
Common-area amenities for 845 West Madison will include a 1-acre outdoor amenity deck for both towers with two swimming pools and a lounge area with grilling stations and fireplaces, a fitness center, game room, resident lounge, coffee bar, dog park, coworking space and 278 parking spaces, of which 45 percent will be available for public use.
Managing Director Danny Kaufman, Director Christopher Knight and Associate Mary Dooley were part of HFF’s equity placement team that worked on behalf of the developer. In another recent deal, the company secured a $35 million loan for the development of Tribeca, a 99-unit condominium property in Washington, D.C.
Image courtesy of The John Buck Co.