HFF secures $24.88 million financing for 280-unit multi-housing community in Round Lake, Illinois
CHICAGO, IL – December 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $24.88 million in financing for Coventry Glen at Valley Lakes, a 280-unit, Class A, garden-style multi-housing community in Round Lake, Illinois.
Working on behalf of the borrower, Eagle Management RE, LLC, HFF placed the 10-year, fixed-rate loan with M&T Realty Capital Corporation. Loan proceeds were used to acquire the asset.
Coventry Glen at Valley Lakes is located at 1399 Coventry Glen Drive, minutes from Interstate 94 and Route 59/US-12 and the Long Lake and Round Lake Metra commuter rail stations providing direct access into downtown Chicago. The property’s location within Lake County positions it in proximity to numerous employers, including 11 Fortune 500 company headquarters. The 22.17-acre community offers several one- and two-bedroom floor plans averaging 907 square feet each. The 97.8-percent-leased property features a resort-style swimming pool and sundeck, cyber café and business center, fitness center, community kitchen with coffee bar, outdoor playground, volleyball court, extensive green spaces and access to nature trails and recreational activities within Long Lake Park.
The HFF debt placement team representing the borrower was led by director Jason Bond.
About Eagle Management RE, LLC
Eagle Management RE, LLC is a privately-held real estate management firm. The Illinois-based multifamily owner/manager has over 10 years of experience in the real estate industry. The company manages and owns residential multifamily housing in and around the greater Chicago area. Eagle Management RE, LLC’s properties can be found in Illinois, Wisconsin and Florida.
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.