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| K2, 34-story Class A residential tower, West Loop, Chicago, IL |
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| Dan Kaufman |
CHICAGO, IL – HFF announced it has arranged $118 million in
financing for K2, a 34-story, 496-unit, Class A residential tower in
Chicago’s West Loop that was recently acquired by The Georgetown Co., a leading
developer and owner of properties nationwide.
HFF
worked on behalf of Georgetown to secure the 10-year, fixed-rate loan through
Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loans will be serviced by
HFF through its Freddie Mac Program Plus® Seller/Servicer program.
K2 is
located at 365 North Halsted Street in Chicago’s West Loop submarket
immediately adjacent to Jewel-Osco’s flagship grocery store in downtown
Chicago.
The transit-oriented property also provides nearby access to
the Ogilvie Transportation Center, Interstates 90/94, 290 and 55 and several
CTA stations.
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| MikeKavanau |
Completed in 2013, the LEED Silver property features one-,
two- and three-bedroom units averaging 779 square feet each. The property, which reflects the very best
in Chicago with respect to amenities and design, features a 10,000-square-foot
outdoor deck and pool area including a 70-foot lap pool, hot tub, cabanas and
fire pit.
Other amenities include a state-of-the-art fitness facility,
yoga studio, basketball court, lounge, party room, theater room and business
center/boardroom. The property is 96
percent leased. Georgetown intends to
make various improvements to the property including upgrades to public spaces
and improved amenities.
“The West Loop is one of Chicago’s fastest growing
residential, entertainment and employment centers. The opportunity to participate in the growth and energy in the
West Loop and Fulton Market districts attracted us to this property,” said Adam
Flatto, CEO of The Georgetown Co.
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| Steve Skok |
“HFF has been a valuable partner in this
process and we’re very pleased with the work they have done on our behalf.”
The HFF debt placement team representing the borrower was
led by managing director Danny Kaufman, senior managing director Mike
Kavanau and managing director Steve Skok.
“HFF originally arranged the construction financing for K2
on behalf of Steve Fifield’s (of the Fifield Companies) development team. K2 is a wonderful project and the West Loop
location has outperformed any of our expectations.
" We are thrilled to be a part of The Georgetown Company’s
acquisition of K2. The Georgetown team
brings world class real estate experience and will certainly improve this
institutional quality project,” said Kaufman.
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| Adam Flatto |
The Georgetown Co. is a privately-held diversified real
estate development company founded by Marshall Rose in 1978 and headquartered
in New York City.
Georgetown and its principals have developed, owned and
overseen more than 20-million square feet of office, residential, retail, and
mixed-use properties throughout the United States. Georgetown currently owns
and is developing properties in New York City, Los Angeles, Chicago, Columbus,
OH, Boston and Washington DC.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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