Tuesday, April 22, 2014

HFF closes sale of and secures financing for luxury apartment tower in downtown Chicago’s West Loop


Trio Apartments, Downtown Chicago, IL

Mona Carlton
CHICAGO, IL – HFF announced today that it has closed the sale of and secured financing for Trio Apartments, a 100-unit, boutique-style luxury apartment tower in downtown Chicago.

                HFF marketed the property on behalf of the seller, a joint venture between AEW Capital Management, L.P. and Marquette Companies.  AEW sold the property on behalf of AEW Partners VI, L.P., the sixth in AEW’s opportunistic fund series.  Abacus Capital Group LLC purchased the asset free and clear of existing debt. 

HFF also secured an acquisition loan on behalf of the buyer through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME program. 

  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. 

Sean Fogarty
Completed in 2010, the 22-story tower has 100 units averaging 1,047 square feet each.  Located at 670 West Wayman in the eastern sector of the West Loop neighborhood, Trio offers residents a walk-to-work location and nearby access to public transportation including CTA and Metra train lines.

 The future Chicago headquarters of Google is located six blocks west of Trio Apartments and in 2014 Google’s Motorola Mobility office will open just six blocks east of the property.

 Amenities include a rooftop garden, fitness center, business center, community room, indoor assigned parking and 24-hour door staff.  Additionally, the property is situated adjacent to a park with dog run and a retail development that includes a Jewel-Osco grocery store.

The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton.

HFF’s debt placement team was led by senior managing director Mona Carlton and managing director Matthew Schoenfeldt.

Marty O'Connell
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. 

One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $38 billion of capital invested in more than $51 billion of property and securities in North America, Europe and Asia (as of December 31, 2013).

 Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore, and Hong Kong, as well as additional offices in eight European cities. 

Abacus Capital Group LLC is a New York-based institutional advisory firm focused on the multifamily sector nationwide.  This asset was purchased by a fund sponsored by Abacus. 

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
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com


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