 |
| Stephen Skok |
CHICAGO, IL –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $250 million in financing
for Presidential Towers, a
four-tower residential community totaling 2,346 units in Chicago’s West Loop.
HFF, on behalf of Waterton
and its institutional client, placed the 10-year, fixed-rate loan with Barings
Real Estate Advisers, one of the world’s largest real-estate-focused investment
managers, acting on behalf of an institutional investor.
Internationally renowned
architecture firm Solomon Cordwell Buenz designed Presidential Towers’ four
identical, 50-story towers in a staggered, diagonal pattern that spans two city
blocks.
Located at 555 West Madison Street, the property benefits from its proximity
to all of the central business district’s retail, dining and entertainment
amenities, as well as employers in the West Loop office market, which is
experiencing a resurgence with companies such as Google, Grainger and Uber
moving into the area.
In addition to the 2,346 residential units
totaling more than 1.6 million square feet, the property also encompasses
135,193 square feet of retail space situated on the Clinton Street retail
corridor and a four-story, 1,162-stall parking garage.
Presidential Towers offers
community amenities, including a 24-hour door attendant, full-time concierge,
sundeck, picnic and grilling area, children’s play area, bicycle and personal
storage, cyber center and lounge.
Additionally, residents have direct access to on-site retailers such as
Walmart Neighborhood Market, the two-level Fitness Formula health club,
Enterprise Rent-a-Car and several dining options.
HFF’s debt placement team
representing the borrower was led by managing director Stephen Skok.
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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