HFF Arranges $250 Million Financing for Four-Tower Residential Community in Chicago’s West Loop
December 05 2016 - 4:21PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged $250 million in financing for Presidential Towers, a
four-tower residential community totaling 2,346 units in Chicago’s
West Loop.
HFF, on behalf of Waterton and its institutional client, placed
the 10-year, fixed-rate loan with Barings Real Estate Advisers, one
of the world’s largest real-estate-focused investment managers,
acting on behalf of an institutional investor.
Internationally renowned architecture firm Solomon Cordwell
Buenz designed Presidential Towers’ four identical, 50-story towers
in a staggered, diagonal pattern that spans two city blocks.
Located at 555 West Madison Street, the property benefits from its
proximity to all of the central business district’s retail, dining
and entertainment amenities, as well as employers in the West Loop
office market, which is experiencing a resurgence with companies
such as Google, Grainger and Uber moving into the area. In addition
to the 2,346 residential units totaling more than 1.6 million
square feet, the property also encompasses 135,193 square feet of
retail space situated on the Clinton Street retail corridor and a
four-story, 1,162-stall parking garage. Presidential Towers offers
community amenities, including a 24-hour door attendant, full-time
concierge, sundeck, picnic and grilling area, children’s play area,
bicycle and personal storage, cyber center and lounge.
Additionally, residents have direct access to on-site retailers
such as Walmart Neighborhood Market, the two-level Fitness Formula
health club, Enterprise Rent-a-Car and several dining options.
HFF’s debt placement team representing the borrower was led by
managing director Stephen Skok.
About Waterton
Waterton is a real estate investor and operator with a focus on
U.S. multifamily 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.
Since its formation, the company has invested over $5.3 billion in
assets. Waterton is privately held and is headquartered in Chicago
with regional teams throughout the United States. Currently,
Waterton’s portfolio includes approximately $4 billion in assets,
including approximately 20,000 multifamily units and 13 hotels.
Visit Waterton’s new website: www.waterton.com.
About Barings Real Estate
Advisers
Barings Real Estate Advisers, a subsidiary of Barings, is one of
the world’s largest diversified real estate-focused investment
advisers, with $50 billion* in assets under management. The group
is an active investor in private and public, equity and debt
markets, and provides core, value-added, and opportunistic
investment and advisory services to institutional and other
qualified investors around the globe.
About Barings
Barings is a $284+billion* global asset management firm
dedicated to meeting the evolving investment and capital needs of
its clients. The firm builds lasting partnerships that leverage its
distinctive expertise across traditional and alternative asset
classes to deliver innovative solutions and exceptional service. A
member of the MassMutual Financial Group, Barings maintains a
strong global presence with over 600 investment professionals and
offices in 17 countries. Learn more, at www.barings.com.
*As of September 30, 2016.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE:
HF). HFF operates out of 23 offices nationwide and is a leading
provider of commercial real estate and capital markets services to
the U.S. commercial real estate industry. HFF together with its
affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20161205006234/en/
HFFStephen Skok, (312) 528-3650HFF Managing
Directorsskok@hfflp.comorOlivia Hennessey, (713) 852-3500HFF
PR Coordinator, Marketingohennessey@hfflp.com
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