CHICAGO, IL – HFF announced today that it has arranged financing for The Roosevelt Collection (top left rendering), a mixed-use development in Chicago, Illinois. HFF worked on behalf of the borrower, a joint venture between McCaffery Interests, Inc. and Canyon Johnson Urban Funds, to secure the senior loan through Prime Finance.
The Roosevelt Collection is located at 150 West Roosevelt in Chicago’s South Loop neighborhood. Completed in 2009, the mixed-use property consists of nearly 400,000 square feet of retail space, 342 multi-housing units and a 1,500 stall parking garage in addition to development rights for three additional residential towers totaling 1,158 units.
The multi-housing portion of the property is currently 95.6 percent leased. The retail portion of the property is currently leased to Kerasotes Show Place ICON Theater and is undergoing leasing development. Active negotiations are underway with several other retailers and restaurant operators to complete retail leasing for the project.
The HFF team representing the borrower was led by senior managing director Mike Kavanau (middle right photo) and managing director Steve Skok (lower left photo).
McCaffery Interests, Inc. is a Chicago-based firm which targets investment and development opportunities located in urban, in-fill locations. Since 1991, McCaffery Interests has successfully acquired, developed and/or redeveloped nearly $1 billion of outstanding real estate assets, including numerous mixed-use projects.
Canyon Johnson Urban Funds, a series of joint ventures between Canyon Capital Realty Advisors and Earvin “Magic” Johnson, have been successfully deploying equity and debt capital in densely populated, ethnically diverse communities across America since 2001.
Contacts:
MICHAEL KAVANAU
HFF Senior Managing Director
(312) 528-3650
STEPHEN SKOK
HFF Managing Director
(312) 528-3650
MYRA MOREN
HFF Director, Marketing
(713) 852-3500
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