CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $31 million refinancing for Lincoln at Ovaltine Court, (above photo) a 344-unit luxury multifamily community in Villa Park, Illinois. 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).
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). 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.
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.
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. 
“This is the Chicago office’s first Freddie Mac transaction and brings the 2008 HFF grand total of Freddie financings to approximately $150 million,” said Schoenfeldt. 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.
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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