CHICAGO, IL - HFF announced today that it has closed the sale of The Seneca, a 264-unit property in Chicago, Illinois. HFF marketed the property on behalf of the seller, IRMCO Properties & Management Corporation. Waterton Associates, LLC purchased the Seneca for $35.6 million free and clear of existing debt.
The Seneca is located at 200 East Chestnut Drive close to Northwestern Memorial Hospital in downtown Chicago. The property was originally built in 1926 and is one of the oldest and “most well established” apartment-hotels along the Michigan Avenue corridor. Going forward, Waterton Associates will operate the Seneca as luxury apartments.
The HFF team representing IRMCO Properties & Management Corporation was led by executive managing director Matthew Lawton, senior managing director Dan Peek and managing directors Sean Fogarty, Marty O’Connell and Danny Kaufman.
IRMCO Properties & Management Corporation is recognized for its management of some of Chicago’s most renowned properties. These properties are located along Chicago's famous lakefront, where IRMCO has established its reputation for operating hotels, apartment buildings and retirement communities since 1951.
Waterton Associates, LLC is a Chicago-based investment firm specializing in the ownership and management of multifamily properties. Waterton has participated in the acquisition, disposition and financing of apartment properties located throughout the United States.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 20 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, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.