HFF Secures JV Equity, $118M Financing for Chicago High-Rise Project
The 46-story residential tower is scheduled for completion in late 2018.
Chicago—HFF announced that it has arranged joint venture equity and a construction loan for 727 West Madison, a 46-story apartment development in Chicago’s West Loop. The 492-unit high-rise is scheduled for completion in late 2018.
HFF represented the developer, Fifield Cos. and F & F Realty, in arranging a partnership with affiliates of Ares Management LP and in securing $117.8 million in construction financing for the project from Bank of the Ozarks. The team was led by Matthew Lawton, executive managing director, and Danny Kaufman, managing director with HFF.
The development is located at 727 W. Madison St., at the southeast corner of South Halsted and West Madison streets. The tower will include 492 apartments averaging 783 square feet, roughly 10,000 square feet of retail space and 376 parking stalls. The units will have studio to three-bedroom floor plans and modern finishes, including stainless steel appliances, kitchen islands, custom tile, wood floors throughout, frameless shower doors and in-unit washers and dryers.
Designed by FitzGerald Associates Architects, the property will feature a swimming pool, hot tub, fitness center, yoga room, conference room, game room with billiards table, resident lounge with coffee bar, movie theater, demonstration kitchen, dog park and car wash area.
“It has been an absolute pleasure to work with this development team,” Kaufman said in a prepared statement. “727 West Madison will redefine the residential landscape of the Fulton Market district and will be an asset to the community for years to come.”
The site where the project is being built borders Interstate 90/94 and is adjacent to a newly built Whole Foods and Mariano’s Fresh Market.
Images courtesy of FitzGerald Associates Architects