HFF has closed the sale of The Seneca, a 264-unit property in Chicago. HFF marketed the property on behalf of the seller, IRMCO Properties & Management Corp. Waterton Associates, LLC purchased the Seneca for $35.6 million free and clear of existing debt.
The Seneca is located at 200 E. Chestnut Drive close to Northwestern Memorial Hospital in downtown Chicago. The property was originally built in 1926 and is one of the oldest apartment-hotels along the Michigan Avenue corridor. Going forward, Waterton Associates will operate the Seneca as luxury apartments.
The HFF team representing IRMCO Properties & Management Corp. was led by Executive Managing Director Matthew Lawton, Senior Managing Director Dan Peek and managing directors Sean Fogarty, Marty O’Connell and Danny Kaufman.