CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces senior financing for NEXT, a 310-unit, Class A luxury apartment tower in Chicago’s River North neighborhood.
The HFF team worked on behalf of the borrower, a joint venture between Fifield Companies and Strand Corporation, to secure the seven-year, fixed-rate loan through a correspondent life insurance company. Loan proceeds will refinance the original construction financing.
Completed in 2016, the 28-story NEXT comprises 310 residential units totaling 240,523 rentable square feet along with 5,700 square feet of ground-floor retail. Located at Chestnut and Orleans Streets just north of Chicago Avenue, the property’s proximity to employment, retail, dining and nightlife around River North and the Miracle Mile, Gold Coast, Streeterville and Lakeshore areas has earned it a WalkScore® of 98. Additionally, NEXT is steps from a bike share location, 0.2 miles from the brown and purple CTA “L” lines, within 0.3 miles of two bus stations and accessible to the Kennedy Expressway (Interstate 90) and Lakeshore Drive providing access around the metropolitan area. Unit finishes include gourmet kitchens, in-unit washers and dryers, custom closets, nine-foot ceilings, plank flooring and floor-to-ceiling windows with sweeping views of the CBD and Lake Michigan. Common area features include an outdoor pool, spa and sun terrace with cabanas; outdoor grills and fire pit; fitness club with indoor/outdoor space; golf simulator; business center with conference room and presentation screen; coffee bar; dog wash and grooming station; controlled-access parking garage; and 24-hour concierge.
The HFF debt placement team representing the borrower included managing director Danny Kaufman, senior director Trent Niederberger and director Jimmy Conley.
“It has been an absolute pleasure to work with the Fifield Companies on this financing as we have done with some of their past projects,” Kaufman said. “Their complete commitment to first-class quality development and operations shows in each of their properties.”
“As a result of their reputation for excellence, the refinance of NEXT was a highly competitive process to provide Fifield with very attractive fixed- and floating-rate options,” Niederberger added.
“This reaction from the market is a prime example of the quality and depth of lenders that newly stabilized assets are attracting here in Chicago,” continued Conley.
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 70 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 Strand Corporation: Strand Corporation has acquired, developed and financed an extensive portfolio of real estate assets since its inception in 1976. Based in Vancouver, Canada, Strand has regional offices in the southeastern and western United States, and has acquired or developed multifamily projects throughout California, Colorado, Florida, Hawaii, Illinois, Nevada, Oregon, Texas and Washington as well as British Columbia and Alberta, Canada.
About HFF: HFF and its affiliates operate out of 26 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.