Monday, October 8, 2012

HFF arranges $47 million financing for 77 West Huron in Chicago




77 West Huron St., Chicago
CHICAGO, IL – HFF announced today that it has arranged $47 million in financing for 77 West Huron, a 304-unit, 25-story luxury multi-housing tower with ground-floor retail space in Chicago’s vibrant River North neighborhood.

Working on behalf of L&B Realty Advisors, HFF placed the 10-year loan with New York Life Insurance Company.

77 West Huron has studio, one-, two- and three-bedroom homes that range in size from 536 square feet to 2,862 square feet, and have panoramic views of the skyline. 

The 25th floor functions as the amenity level and features an indoor heated pool, sauna, exercise room, locker rooms and sundeck with lounge furniture and grills.  Additional community amenities include doorman service, a laundry room, on-site dry cleaners, bicycle storage and a 192-space parking garage.

The HFF team representing L&B Realty Advisors was led by managing director Matthew Schonefeldt. 

Matthew Schonefeldt
“77 West Huron is currently undergoing a targeted renovation and upgrade program that will position the asset to take maximum advantage of its prime location, Lake Michigan views and generously-sized units,” stated Schoenfeldt.. 

“The property is at the epicenter of Chicago’s best nightlife and entertainment options; L&B’s strategic vision for the asset will create a true boutique identity for the building that will resonate with the most discriminating renters”,

He added, “77 West Huron also benefits from proximity to the major employers in Chicago’s central business district, as well as the world-class shopping on ‘The Magnificent Mile’ and plentiful public transportation.”

L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor.  Since 1965, L&B has provided real estate investment management services to institutional investors and family offices.  With more than $5 billion under management and 46 years of experience, L&B has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of their clients.

Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

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