Chicago Tower Sales Breaks $100M Mark
- Mar 19, 2015
Chicago—Planned Property Management has picked up The Chicagoan, a 221-unit, newly renovated Class A building located at the southwest corner of North Rush Street and East Chicago Avenue. A venture consisting of Chicago-based Draper and Kramer Inc., National Real Estate Advisors and the Wolbach family were the sellers. The sales price was $104 million. HFF marketed the property for the sellers.
The Chicagoan is 37 stories tall and features a swimming pool with sundeck, business center, 24-hour door service and electric car charging. Units average 925 square feet in size and feature views of Lake Michigan.
Heitman client lands Orlando acquisition financing
Orlando, Fla.—A client advised by Heitman has landed $33.3 million in acquisition financing for Gallery at Mills Park, a newly-built, 310-unit, luxury mid-rise community within a a mixed-use site in the heart of Orlando. HFF secured the 10-year, fixed-rate loan, which it will also service.
Completed in 2014, Gallery at Mills Park is comprised of one five-story building with 133 one-, 125 two- and 10 three-bedroom units, as well as 45 studios. Units average 828 square feet in size. Amenities are extensive, and include two resort-style pools, an outdoor yoga platform, poolside suites with televisions, poolside fire pit lounges, a Wi-Fi computer lounge, conference room, bike lockers, a game and sports lounge with 70” flatscreen, a 24-hour fitness center, spa room, relaxation lounge and storage units.
Hunt Mortgage finances acquisition with $4.8M loan
New York—Hunt Mortgage Group announced that it has provided a $4.8 million Fannie Mae loan facility to finance the acquisition a multifamily property located in Jackson, Miss.
Pebble Creek Apartments is a 150–unit garden style apartment community that is comprised of 26, two-story apartment buildings. The buildings were developed in 1973 with 145,186 square feet of rentable space situated on a 9.89-acre parcel of land.
The borrower is RoCo Real Estate LLC, a Bloomfield Hills, Mich.-based real estate investment firm headed by Tyler Ross and brothers Michael and David Colman. Including Pebble Creek, the firm owns in excess of 10,000 units in seven states, and plans to continue adding units in 2015. The loan term is 10 years with amortization based on a 30 year schedule with one year of interest only. Yield maintenance will apply during the first 9.5 years.
The property offers 32 one-bedroom, one-bathroom units, 72 two-bedroom, two-bathroom units, 36 three-bedroom two-bathroom apartments, and 10 four-bedroom, two-and-a-half bathroom units. Amenities include: gated access, an in-ground outdoor swimming pool, 24 hour emergency maintenance and a laundry room. Pebble Creek Apartments also offers 325 open parking spaces.