Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale and arranged financing for Berkshires at Hoffman Estates, a 642-unit, garden-style multi-housing community in Hoffman Estates, Illinois.
HFF marketed the property on behalf of the seller. A joint venture between Redwood Capital Group, LLC and Investcorp purchased the asset for an undisclosed amount free and clear of existing debt. HFF also worked on the buyer’s behalf to place a $64.225 million acquisition loan with New York Life Insurance Company.
Berkshires at Hoffman Estates is situated on 40.47 acres at 875 Pacific Avenue, near I-90, approximately 35 miles northwest of downtown Chicago. The property contains 30 three-story buildings that have a mix of one- and two-bedroom units averaging 966 square feet each.
The HFF investment sales team representing the seller was led by managing directors Marty O’Connell and Sean Fogarty and associate director Wick Kirby.
HFF’s debt placement team representing the buyer was led by senior managing director Mike Tepedino and managing directors Michael Gigliotti and Matthew Schoenfeldt.