HFF arranges $24 million financing for 43-unit luxury apartment community in Chicago’s River North
CHICAGO, IL – April 13, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $24 million in financing for The Hensley, a 43-unit luxury apartment community in Chicago’s River North neighborhood.
Working on behalf of the borrower, Akara Partners, HFF placed the three-year, floating-rate loan with Heitman LLC. The loan refinanced existing construction financing on the property.
Completed in 2016, The Hensley is located at 707 North Wells Street in the vibrant River North neighborhood of downtown Chicago. The 11-story boutique property is 100 percent leased and has a mix of one-, two- and three-bedroom floor plans averaging 1,053 square feet each. The Hensley also has 5,892 square feet of ground-floor retail, which is fully leased to GT Prime, a new restaurant from the Boka Restaurant Group. Apartment finishes include nine-foot ceilings, floor-to-ceiling windows, Samsung appliances, quartz countertops, spa-inspired shower fixtures, custom closets, vinyl plank flooring, Nest thermostats and expansive private terraces. The community features a fitness center and a 12th floor roof deck with a fire pit, kitchen, grilling stations and lounge seating.
The HFF debt placement team representing the developer was led by managing directors Danny Kaufman and Stephen Skok.
“It was an absolute pleasure to work with the team at Heitman,” Kaufman said. “They were very responsive to the impressive project that Akara delivered.”
“New unit absorption is continuing at a rapid pace in the River North residential market,” Skok added. “It is a sign of downtown Chicago’s appeal and a result of new job creation in the city.”
About Akara Partners
Akara Partners was founded in 2013 to capitalize on investment opportunities across the real estate value chain, including direct investment, development and operating companies with real estate-focused business models. The firm targets assets and companies within markets that demonstrate value accretive fundamentals. Akara’s team has deep expertise across the spectrum of real estate activities, including development, operations, repositioning, private equity and asset management. For more information, visit akarapartners.com.
Founded in 1966, Heitman LLC is a global real estate investment management firm with over $36 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Frankfurt, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s over 300 employees offer specialized expertise – from a specific discipline to local insight.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 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 sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.