Chicago Presidential Towers Land $250M Financing
- Dec 06, 2016
By Ioana Neamt
Chicago—HFF has arranged $250 million in financing for Presidential Towers—a four-building, 2,346-unit residential community located in Chicago’s West Loop. Working on behalf of Waterton Residential and its institutional client, HFF placed the 10-year, fixed-rate loan with Barings Real Estate Advisers, through a team led by Managing Director Stephen Skok.
Located at 555 W. Madison St. in the city’s Near West Side submarket, Presidential Towers was designed by Solomon Cordwell Buenz and completed in 1985. The multifamily community is owned and managed by Waterton Residential and boasts 99.1 percent occupancy, according to data from Yardi Matrix. The asset is conveniently situated close to all of the central business district retail, dining and entertainment offerings, as well as major employers in the bustling West Loop office market.
Presidential Towers features 135,193 square feet of retail space situated on Clinton Street and a four-story, 1,162-stall parking garage. Amenities include a 24-hour door attendant, full-time concierge, sundeck, picnic and grilling area, children’s play area, swimming pool, fitness and business centers, basketball court, spa, laundry facilities, cyber center and lounge, among others. The community also boasts LEED Silver certification from the U.S. Green Building Council.
Waterton bought the four-tower community from Pritzker Realty Group in 2007 for a whopping $470 million—its largest multifamily acquisition to date.
Image courtesy of Yardi Matrix