HFF has closed the sale of and arranged acquisition financing for The Seneca on Chestnut, a 254-unit, Class A apartment building in Chicago’s Gold Coast neighborhood.
HFF marketed the property on behalf of Waterton Associates, LLC. Emmes Asset Management Company purchased the asset for an undisclosed amount. Working on behalf of the buyer, HFF placed a five-year, fixed- rate loan with a life insurance company lender.
The Seneca on Chestnut is located at 200 East Chestnut in Chicago’s Gold Coast neighborhood within walking distance to the John Hancock building, Chicago Water Tower, Museum of Contemporary Art Chicago and numerous high-end shopping and dining options along the Magnificent Mile/North Michigan Avenue. Originally built in 1926, the building was converted to residential units over the past two years as well as receiving a major renovation throughout, including common areas and apartment homes. The property includes studio, one- and two-bedroom units ranging between 287 and 1,333 square feet each. Community amenities include a fitness center, sundeck and on-site dry cleaner. The property was 95 percent occupied at the time of the sale.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell, associate director Wick Kirby and executive managing director Matthew Lawton.
HFF’s debt placement team was led by managing director Stephen Skok and associate director Jason Bond.
