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Working on behalf of LPC Ovaltine Apartments LLC (comprised of the Lincoln Property Company and the AFL-CIO Building Investment Trust (BIT), HFF director Matthew Schoenf
eldt (top right photo) and senior managing director Mike Kavanau (middle left photo) placed a five-year, 5.35% fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation).
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Ovaltine Court is located at One Ovaltine Court near Interstates 88, 294 and 290 in Vill
a Park, approximately 17 miles west of downtown Chicago. One portion of the property is a redevelopment of the Ovaltine headquarters and factory, which was occupied for more than 75 years.
The Ovaltine factory space was converted to 121 loft-style homes in the main brick four-story structure. The remaining 223 homes and six commercial units are new construction, garden-style buildings situated throughout the 14-acre site.
Lincoln
at Ovaltine Court was developed in 2001 and has homes ranging from 673 to 1,318 square feet that are currently 93% leased. The homes feature high ceilings (9 to 16 feet), washers/dryers, balconies/patios, and many homes contain fireplaces and direct access garages. Community amenities include a fitness center, business center and resident clubroom in more than 3,500 square feet in the main factory structure, as well as an outdoor swimming pool and sundeck.
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Lincoln Property Company is a national development, property management and real estate consulting services firm.
BIT is a $3.015 billion bank collective trust fund composed generally of pension plans with union beneficiaries. It is managed by PNC Bank, National Association.
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HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.
CONTACTS:
Matthew R. Schoenfeldt
HFF Director
312 528 3650
Laurie Fish McDowell
HFF Associate Director, Marketing
617 338 0990
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