HFF closes $17.915 million sale of and arranges $15.720 million in financing for transit-oriented office building in suburban Chicago
CHICAGO, IL – August 2, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $17.915 million sale of and arranged $15.72 million in financing for 6400 Shafer Court, a 179,442-square-foot, transit-oriented office building in the suburban Chicago community of Rosemont, Illinois.
HFF marketed the property on behalf of the seller, a subsidiary of Crossroads Partners, and procured the buyer, Free Market Ventures. Additionally, HFF worked on behalf of the new owner to secure the acquisition loan with through Prime Finance.
6400 Shafer Court is situated along Interstate 294 and not far from Interstate 90 in the O’Hare submarket of Chicago. The eight-story property is adjacent to the Hyatt Rosemont hotel and is within walking distance of many retail and dining options. In addition, shuttle service is provided from the property to O’Hare International Airport and the CTA Blue Line stop. Most recently renovated in 2015, the office tower features 22,081-square-foot average floorplates and parking for 495 vehicles in a surface lot and 22 vehicles in an executive parking garage. 6400 Shafer Court is 92.2 percent leased. Crossroads Partners was retained to manage the building.
The HFF investment sales team representing the seller was led by senior directors Bryan Rosenberg and Patrick Shields and senior managing directors Jaime Fink and Jeff Bramson.
HFF’s debt placement team representing the borrower was led by managing director Christopher Carroll and senior director Trent Niederberger.
About Crossroads Partners
Crossroads Partners is a fully integrated real estate solutions firm and can assist with every aspect of real estate ownership and management, including property operations and accounting, zoning and entitlements, construction management, due diligence and financial underwriting, sales and leasing and more. xr-partners.com
About Free Market Ventures
Free Market Ventures (FMV) was founded in 2013 as a Chicago-based boutique real estate investment firm. The firm is currently in deployment of its initial discretionary Fund (Fund I) and is an active manager and developer. FMV Fund I includes investments in secured debt, liens, real estate technology, medical marijuana warehouses and land. Principals of the firm include industry veterans Jack Buck, David Kite, William Flatt and Patrick Buck, who together bring together a diverse skill set covering all aspects of commercial real estate and investment management. The Company prides itself on combining a nimble and entrepreneurial approach to real estate investment, with a sophistication that reflects the institutional background of its principals. For more information, please visit freemarketventures.com.
About Prime Finance
Prime Finance is a private commercial real estate finance company with discretionary capital which directly originates mortgage, mezzanine and preferred equity financing and also acquires performing, sub-performing and distressed debt. The firm offers a variety of fixed and floating rate non-recourse loans above $10,000,000 on office, retail, hotel, industrial, multifamily, mobile home, self-storage and mixed use properties in all markets around the United States. Prime Finance was formed in June 2008 by San Francisco based Prime Group and currently has over $6.0 billion of assets and surplus capital. The company principals have decades of collective commercial real estate lending and investing experience and have closed over $28BB of loans across over 1000 transactions in the last 20 years. The firm’s loan and investment origination teams are located in New York, Chicago and San Francisco.
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.