Holliday Fenoglio Fowler, L.P. (HFF) arranged $171.2 million in financing for North Harbor Tower, a 600-unit, high-rise apartment building in Chicago’s Lakeshore East neighborhood. HFF worked on behalf of the borrower, Waterton, to secure the seven-year, fixed-rate loan through Freddie Mac’s Green Advantage program.
North Harbor Tower is located at 175 N. Harbor Drive immediately adjacent to a mix of residential living, a Mariano’s Fresh Market and the six-acre Lakeshore East Park. Originally constructed in 1988, the 55-story tower offers 360-degree views of Lake Michigan, Navy Pier, the Museum Campus, Maggie Daley Park, the Chicago River and downtown Chicago.
The property comprises 96 studio, 72 convertible, 234 one-bedroom, 108 two-bedroom and 90 three-bedroom units averaging 958 square feet in size. Community amenities include an indoor swimming pool with retractable doors; outdoor sundeck; outdoor activity area with fire pit and lounge; 24-hour fitness center; party room with billiards; 24-hour library and easy access to local expressways and all of Chicago’s downtown and lakefront amenities.
The HFF debt placement team representing the seller was led by managing director Stephen Skok and directors Stella Pappas and Gregory Napper. The loan will be serviced by HFF, a Freddie Mac Optigo lender for conventional loans.