DEAL OF THE DAY: HFF Secures $31M Loan for 344-Unit Rental Property
- May 28, 2008
By Anuradha Kher, Online News EditorVilla Park, Ill.–-The Chicago office of HFF (Holliday Fenoglio Fowler LP) recently secured a $31 million refinancing loan for Lincoln at Ovaltine Court, a 344-unit luxury rental community in Villa Park, Ill. It is a five-year, 5.35 percent fixed-rate loan with Freddie Mac. Ovaltine Court is located at One Ovaltine Court near Interstates 88, 294 and 290 in Villa Park, approximately 17 miles west of downtown Chicago. One portion of the property is a redevelopment of the Ovaltine headquarters and factory, which was occupied for more than 75 years. The Ovaltine factory space was converted to 121 loft-style homes in the main brick four-story structure. The remaining 223 homes and six commercial units are new construction, garden-style buildings situated throughout the 14-acre site. Lincoln at Ovaltine Court was developed in 2001 and has homes ranging from 673 to 1,318 sq. ft. that are currently 93 percent leased. The homes feature high ceilings (9 to 16 ft.), washers/dryers, balconies/patios and many homes contain fireplaces and direct access garages. Community amenities include a fitness center, business center and resident clubroom in more than 3,500 sq. ft. in the main factory structure, as well as an outdoor swimming pool and sundeck.