CHICAGO--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged $171.2 million in financing for North Harbor Tower, a 600-unit, high-rise apartment building in Chicago’s Lakeshore East neighborhood.
HFF worked on behalf of the borrower, Waterton, to secure the seven-year, fixed-rate loan through Freddie Mac’s Green Advantage program. The loan will be serviced by HFF, a Freddie Mac Optigo℠ lender for Conventional Loans.
North Harbor Tower is located at 175 North Harbor Drive immediately adjacent to a mix of residential living, a Mariano’s Fresh Market and the six-acre Lakeshore East Park. Originally constructed in 1988, the 55-story tower offers 360-degree views of Lake Michigan, Navy Pier, the Museum Campus, Maggie Daley Park, the Chicago River and downtown Chicago. The property comprises 96 studio, 72 convertible, 234 one-bedroom, 108 two-bedroom and 90 three-bedroom units averaging 958 square feet in size. Community amenities include an indoor swimming pool with retractable doors; outdoor sundeck; outdoor activity area with fire pit and lounge; 24-hour fitness center; party room with billiards; 24-hour library; and easy access to local expressways and all of Chicago’s downtown and lakefront amenities.
The HFF debt placement team representing the seller was led by managing director Stephen Skok and directors Stella Pappas and Gregory Napper.
Waterton is a real estate investor and operator with a focus on U.S. multifamily, senior living and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its multifamily and senior living properties through a vertically integrated operations platform. Waterton has expertise in selecting and managing attractive risk adjusted real estate investments located in major markets around the United States. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of December 31, 2018, Waterton’s portfolio included approximately $4.9 billion in real estate assets. Visit Waterton’s website: https://www.waterton.com/.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.