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| Daniel Kaufman |
CHICAGO, IL – HFF announced it has arranged $79.65 million
financing for the development of 1000 South Clark Street, a 469-unit,
luxury apartment tower in Chicago’s South Loop.
HFF
worked on behalf of the borrower, a joint venture between iStar Financial and
JDL Development, LLC, to secure the four-year, floating-rate construction loan
through Bank of the Ozarks.
1000 South Clark Street is located at the intersection of
South Clark Street and Roosevelt Road less than two blocks from the Roosevelt
“L” station and adjacent to a newly constructed multi-level Target and The
Roosevelt Collection mixed-use development.
Situated on a 2.53-acre site, the 28-story property will
include 469 apartment units. Community
amenities will include a fitness facility and spa including sauna and steam
rooms, indoor/outdoor yoga room, indoor swimming pool, all-season
indoor/outdoor whirlpool, half-court basketball court, golf simulator and
putting green, racquetball court, outdoor running track, multiple lounges and
outdoor spaces, theater room, full-service dog day care and dog run, and
24-hour concierge service.
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| Matthew Lawton |
The property will also feature a dynamic courtyard entry
experience, which welcome residents and visitors.
The HFF debt placement team representing the borrower was
led by director Danny Kaufman and executive managing director Matthew
Lawton.
“The project will offer an absolute market leading mix of
amenities and is well positioned in Chicago’s South Loop with a walk-to-work
location and immediate access to neighborhood amenities,” commented Kaufman,
who co-led the financing effort.
iStar Financial Inc. (NYSE: STAR) is a fully-integrated
finance and investment company focused on the commercial real estate
industry. The company provides
custom-tailored investment capital to high-end private and corporate owners of
real estate and invests directly across a range of real estate sectors.
The company has invested more than $35
billion during the past two decades.
Additional information on iStar Financial is available on the company's
website at www.istarfinancial.com.
JDL Development was founded in 1993 by Jim Letchinger,
primarily as a developer of single-family homes and condominiums in the city of
Chicago. Over the past 20 years the company’s projects progressed into larger
row home and town home communities, as well as commercial properties and luxury
high-rise apartments.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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