HFF Secures Joint Venture Equity and Construction Financing for 46-Story Apartment Development in Chicago’s West Loop
February 28 2017 - 4:23PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged joint venture equity and construction financing for the
development of 727 West Madison Street, a 46-story, 492-unit
apartment project in Chicago’s West Loop.
HFF worked on behalf of the developer, Fifield Companies and F
& F Realty, to arrange a joint venture partnership with
affiliates of Ares Management, L.P. HFF also secured $117.768
million in construction financing for the project from Bank of the
Ozarks.
727 West Madison is located at the southeast corner of South
Halsted and West Madison Streets in Chicago’s West Loop
neighborhood. The site borders Interstate 90/94 and is adjacent to
a newly built Whole Foods and Mariano’s Fresh Market. Upon
completion in late 2018, the project will comprise 492 residential
units averaging 783 square feet, approximately 10,000 square feet
of retail space and 376 parking stalls. Designed by FitzGerald
Associates Architects, the building will include a swimming pool,
hot tub, fitness center, yoga room, conference room, game room with
billiards table, resident lounge with coffee bar, movie theater,
demonstration kitchen, dog park and car wash area. Units will
feature a mix of studio to three-bedroom floor plans and modern
finishes, including stainless steel appliances, kitchen islands,
custom tile, wood floors throughout, frameless shower doors and
in-unit washers and dryers.
The HFF team representing the developer was led by executive
managing director Matthew Lawton and managing director Danny
Kaufman.
“It has been an absolute pleasure to work with this development
team,” Kaufman said. “727 West Madison will redefine the
residential landscape of the Fulton Market district and will be an
asset to the community for years to come.”
About Fifield Companies
Founded in 1977 by Steven Fifield, the Fifield Companies
(Fifield) is a Chicago-based real estate development firm focused
on luxury urban high rise residences and office towers. The Fifield
team has developed 60 buildings comprising more than 15 million
square feet. In its history, Fifield has earned a reputation for
creating exciting living environments in some of the country’s most
renowned locations, in addition to garnering multiple architectural
and design awards, including Developer of the Year for Midwest and
Chicago.
About F & F Realty
F & F Realty enjoys a long and distinguished history of real
estate development in the Chicago, Illinois, area. Incorporated in
1979 by David M. Friedman, president and chief operating officer,
the company has owned and managed thousands of apartment
residences, executive office buildings and leading hotels. Today, F
& F Realty manages six hotels, five restaurants, two retirement
communities with over 500 units, an assisted living complex and six
upscale apartment communities totaling over 3,000 units in the
Chicago, Illinois, area.
About Ares Management,
L.P.
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $97 billion of assets
under management as of September 30, 2016 and more than 15 offices
in the United States, Europe and Asia. Since its inception in 1997,
Ares has adhered to a disciplined investment philosophy that
focuses on delivering strong risk-adjusted investment returns
throughout market cycles. Ares believes each of its three distinct
but complementary investment groups in Credit, Private Equity and
Real Estate is a market leader based on assets under management and
investment performance. Ares was built upon the fundamental
principle that each group benefits from being part of the greater
whole. For more information, visit www.aresmgmt.com.
About FitzGerald Associates
Architects
Established in 1919 as Rissman & Hirschfeld, FitzGerald
Associates Architects is a fourth generation Chicago architectural
firm. The firm offers its clients a continuum of residential and
commercial design services, including development feasibility
studies; site design and planning; architectural design; space
planning; interior design; historical research and restoration;
contract documents and specifications; permit acquisitions; and
field observations.
About HFF
HFF, HFF Securities L.P. and HFF Securities Limited
(collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF
operates out of 24 offices and is 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 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/20170228006506/en/
HFFMatthew D. Lawton, 312-528-3650HFF Executive
Managing Directormlawton@hfflp.comorDanny A. Kaufman,
312-528-3650HFF Managing Directordkaufman@hfflp.comorOlivia
Hennessey, 713-852-3500HFF PR Coordinator,
Marketingohennessey@hfflp.com
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