HFF secures joint venture equity and construction financing for 46-story apartment development in Chicago’s West Loop
CHICAGO, IL – February 28, 2017 – 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 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.
Holliday Fenoglio Fowler, L.P. (“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.