Tuesday, October 30, 2012

HFF closes sale and arranges $49.35 million financing for 1401 South State in Chicago



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.


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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