HFF arranges $150 million financing for MILA in Chicago

MILA Apartments, Michigan Avenue and Lake Street, Chicago, IL

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $150 million in financing for MILA, a 41-story, 402-unit luxury apartment tower located along Chicago’s Michigan Avenue.

Daniel Kaufman

HFF worked on behalf of a joint venture between The John Buck Company, Becker Ventures, LLC and funds managed and/or advised by Partners Group to secure the floating-rate loan through Quadrant Real Estate Advisors.  Loan proceeds will refinance the original construction financing.

MILA is situated at the northwest corner of Michigan Avenue and Lake Street in the heart of Chicago’s CBD, steps from the Chicago River and highly amenitized Chicago Riverwalk. 

With a WalkScore® of 98 and Transit Score® of 100, the property’s East Loop location is at the confluence of some of Chicago’s most notable entertainment, retail and employment districts, including the Loop, Lake Shore East, River North, Streeterville and the Magnificent Mile.

 Designed by renowned bKL Architecture, the LEED Gold-certified property comprises 402 luxury residences and 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel.

Dan

 Completed in May 2016, the stabilized property offers state-of-the-art amenities, including a rooftop relaxation pool and sundeck; urban garden with grilling stations, fire pits, outdoor TVs; and game room with tech bar.

  The property also includes a fitness center, pet salon with outdoor dog run, concierge service and an enclosed parking garage.  Homes feature gourmet kitchens with stainless steel appliances, high-gloss cabinetry and quartz countertops; floor-to-ceiling windows; spacious closets; full technology package; and in-unit washers and dryers.

James Conley

The HFF debt placement team representing the developer was led by managing director Danny Kaufman and director Jimmy Conley.

“It has been a pleasure to work with the development team at The John Buck Company on this successful refinancing,” Kaufman said.  “MILA is one of the best examples seen today of luxury living in Chicago’s high-density urban core.  

"The property’s excellent lease-up and strong operations are a testament to the quality of the project and the sponsorship group’s ability to execute on their plan.”

 For more information on this news release, please contact:

Olivia Hennessey

Public Relations Specialist

HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.tjbc.com.