TODAY’S DEALS: HFF Arranges $47M Financing for 77 West Huron in Chicago
HFF arranges $47 million in financing for 77 West Huron in Chicago; and Alliant Capital provides a $2.23 million loan.
Chicago—HFF announced that it has arranged $47 million in financing for 77 West Huron, a 304-unit, 25-story luxury multi-housing tower with ground-floor retail space in Chicago’s vibrant River North neighborhood.
Working on behalf of L&B Realty Advisors, HFF placed the 10-year loan with New York Life Insurance Company.
77 West Huron has studio, one-, two- and three-bedroom homes that range in size from 536 square feet to 2,862 square feet and have panoramic views of the skyline. The 25th floor functions as the amenity level and features an indoor heated pool, sauna, exercise room, locker rooms and sundeck with lounge furniture and grills. Additional community amenities include doorman service, a laundry room, on-site dry cleaners, bicycle storage and a 192-space parking garage.
The HFF team representing L&B Realty Advisors was led by managing director Matthew Schonefeldt.
“77 West Huron is currently undergoing a targeted renovation and upgrade program that will position the asset to take maximum advantage of its prime location, Lake Michigan views and generously sized units. The property is at the epicenter of Chicago’s best nightlife and entertainment options; L&B’s strategic vision for the asset will create a true boutique identity for the building that will resonate with the most discriminating renters,” Schoenfeldt said.
“77 West Huron also benefits from proximity to the major employers in Chicago’s central business district, as well as the world-class shopping on ‘The Magnificent Mile’ and plentiful public transportation,” added Schoenfeldt.
Alliant Capital provides $2.227M loan
Sauk Village, Ill.—Alliant Capital LLC announced the closing of a $2.23 million refinance of a 48-unit garden-style community, located in Sauk Village, Ill. This transaction was originated by Aaron Abelson, Alliant’s senior vice president for the Midwest Region, in the Chicago Metropolitan office.
The loan was closed on September 28 with a 4.17 percent interest rate and structured with a 10-year fixed-rate term and a 30-year amortization. It was sized to 75 percent loan-to-value and 1.25 debt coverage. This loan represents the fifth loan originated on behalf of this existing Alliant borrower.