CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Berkshires at Hoffman Estates, a 642-unit, garden-style multi-housing community in Hoffman Estates, Illinois.
HFF marketed the property on behalf of the seller. A joint venture between Redwood Capital Group, LLC and Investcorp purchased the asset for an undisclosed amount free and clear of existing debt. HFF also worked on the buyer’s behalf to place a $64.225 million acquisition loan with New York Life Insurance Company.
Berkshires at Hoffman Estates is situated on 40.47 acres at 875 Pacific Avenue near Interstate 90 approximately 35 miles northwest of downtown Chicago. The property contains 30 three-story buildings that have a mix of one- and two-bedroom units averaging 966 square feet each. Community amenities include two outdoor heated swimming pools, hot tub, sand volleyball court, two tennis courts, dog park, playground, fitness center, clubhouse and three on-site ponds. The property is 95 percent occupied.
The HFF investment sales team representing the seller was led by managing directors Marty O’Connell and Sean Fogarty and associate director Wick Kirby.
HFF’s debt placement team representing the buyer was led by senior managing director Mike Tepedino and managing directors Michael Gigliotti and Matthew Schoenfeldt.
About Redwood Capital Group, LLC: Redwood Capital Group, LLC (Redwood) is a Chicago-based real estate investment firm founded in 2007 by David Carlson and Mark Isaacson. The company is focused on value-add and core-plus investments in primary urban and suburban markets across the U.S., primarily in the Midwest, Southeast, and Southwest. The company’s mission is to be the foremost choice for institutional and private equity in pursuit of strategic multi-family investment. Currently, Redwood has more than 10,000 assets under management throughout the United States. Redwood is located at 1 E. Wacker Drive in Chicago. For more information, visit www.redwoodcapgroup.com or call 312.464.0300.
About Investcorp: Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in London, New York, Bahrain, Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at December 31, 2014, the Investcorp Group had approximately $11 billion in total assets under management (‘AUM’), including assets managed by third party managers where Investcorp receives fees calculated on the basis of AUM. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.