CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces $27.5 million in financing for Valley Lo Tower II, a 112-unit, mid-rise multi-housing community in the northern Chicago suburb of Glenview, Illinois.
The HFF team worked on behalf of The Marquette Companies and LEM Capital to secure the five-year, fixed-rate loan through Allstate Investments. Loan proceeds were used to acquire and substantially upgrade the boutique property.
Valley Lo Tower II features large, family-friendly units, which average nearly 1,800 square feet, with amenities similar to single-family homes. Located near Lehigh and Chestnut Avenues in the affluent Glenview community, the property combines a quiet residential setting with access to highly ranked public schools and walkability to The Glen Town Center. Valley Lo offers a mix of 29 one-bedroom, 30 two-bedroom and 53 three-bedroom floor plans along with abundant parking in a heated garage.
Unit amenities include in-unit washers and dryers, large walk-in closets and spacious private balconies. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Marquette’s renovation dedicates a significant portion of the budget toward making these amenities the finest in the submarket.
The HFF debt placement team representing the borrowers consisted of managing director Matthew Schoenfeldt.
“This property represents a unique opportunity to reposition a marquee asset in one of Chicago’s North Shore suburbs,” Schoenfeldt said. “To longtime residents of the submarket, Marquette & LEM’s revitalization of Valley Lo is an absolute no-brainer. Even if a land parcel could be secured in a similarly compelling location, the cost to construct a building of this quality inclusive of underground parking would be prohibitive. The partnership truly has a diamond in the rough.”
About The Marquette Companies: Marquette is a fully integrated real estate company with more than $1 billion of apartments and mixed-use properties in its investment portfolio. In the last five years, Marquette has successfully executed on over $1.5 billion acquisition and ground-up development of multifamily assets. With more than 11,200 apartments under management, Marquette’s depth of experience and entrepreneurial spirit delivers outstanding investment opportunities for investment managers, pension funds, Wall Street funds and high-net-worth individuals.
About LEM Capital: LEM Capital is a real estate private equity firm with a 16-year track record focused on protecting investors’ downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles. Since 2002, LEM has raised over $1 billion in investor commitments and invested over $7.3 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 18,000 value-add apartment units since 2011.
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.