HFF arranges $250 million financing for four-tower residential community in Chicago’s West Loop
CHICAGO, IL – December 5, 2016 – 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.
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: 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.
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 barings.com.
*As of September 30, 2016.
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.