Holliday Fenoglio Fowler, L.P. (HFF) announced senior financing for NEXT, a 310-unit, Class A luxury apartment tower in Chicago’s River North neighborhood. The HFF team worked on behalf of the borrower, a joint venture between Fifield Companies and Strand Corporation, to secure the seven-year, fixed-rate loan through a correspondent life insurance company. Loan proceeds will refinance the original construction financing.
Completed in 2016, the 28-story NEXT comprises 310 residential units totaling 240,523 rentable square feet, along with 5,700 square feet of ground-floor retail. Located at Chestnut and Orleans Streets just north of Chicago Avenue, the property is proximate to employment, retail, dining and nightlife around the River North, Gold Coast and Streeterville neighborhoods with good walkability, access to bike sharing and easy access to transit.
Unit finishes include gourmet kitchens, in-unit washers and dryers, custom closets, nine-foot ceilings, plank flooring and floor-to-ceiling windows with sweeping views of the CBD and Lake Michigan. Common area features include an outdoor pool, spa and sun terrace with cabanas; outdoor grills and fire pit; fitness club with indoor/outdoor space; golf simulator; business center with conference room and presentation screen; coffee bar; dog wash and grooming station; controlled-access parking garage and a 24-hour concierge.
The HFF debt placement team representing the borrower included managing director Danny Kaufman, senior director Trent Niederberger and director Jimmy Conley. “As a result of their reputation for excellence, the refinance of NEXT was a highly competitive process to provide Fifield with very attractive fixed- and floating-rate options,” Niederberger said.
“This reaction from the market is a prime example of the quality and depth of lenders that newly stabilized assets are attracting here in Chicago,” said Conley.
