HFF Lands Loan for 400-Unit Community in Chicago
- Dec 08, 2016
by Adina Marcut
Chicago—HFF recently closed the recapitalization and arranged financing for a 400-unit apartment tower in Chicago’s River North neighborhood. The company represented Waterton in the refinancing of River North Park. Angelo, Gordon & Co. LP purchased a majority interest in the asset for an undisclosed amount. HFF also arranged a short-term, floating-rate acquisition loan on behalf of the new owner with a national bank.
River North Park is located at 320 W. Illinois St., near Lake Shore Drive and interstates 90/94, 290 and 55, offering access around the metropolitan area. The 24-story community features a 24-hour door attendant, enclosed garage parking, fitness center, business center, swimming pool, internet café and a landscaped courtyard with sundeck and gas grill.
According to Yardi Matrix data, the property also features 32,000 square feet of retail space and boasts an occupancy rate of 98.7 percent as of October 2016.
HFF’s debt placement team representing the buyer was led by Managing Director Stephen Skok. The HFF investment sales team representing the seller was led by Executive Managing Director Matthew Lawton along with Managing Director Sean Fogarty.
Image courtesy of Yardi Matrix