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| 1401 South State, Chicago |
CHICAGO, IL – HFF announced today that it has closed the
sale and arranged financing for 1401 South State, a 22-story, 278-unit Class A
multi-housing high-rise in Chicago’s South Loop neighborhood.
HFF
marketed the property on behalf of an institutional seller. Marquette Companies, Hunt Development Group
and American Realty Advisors purchased the asset.
HFF also arranged a $49.35 million, fixed-rate loan through
Freddie Mac (Federal Home Loan Mortgage Corporation) on behalf of the
borrower. The securitized loan will be
serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program.
1401
South State is located two blocks south of the Roosevelt Road retail
corridor in Chicago’s South Loop submarket.
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| Matthew Lawton |
Completed in 2008,
the property has studio, one- and two-bedroom units averaging 850 square feet
each.
Community amenities include a fitness center, sky garden
with fire pit and bbq grills, social room, wireless cyber café, dog run with
bathing station and fountain, and business center. The 95 percent leased property also has 2,488 square feet of
street level retail and 195 parking spaces.
The
HFF investment sales team representing the seller was led by executive managing
director Matthew Lawton and managing directors Sean Fogarty and Marty
O’Connell.
HFF’s
debt placement team representing the borrower was led by managing director Matthew
Schoenfeldt.
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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