Printer-friendly version CHICAGO, IL - July 8, 2014 – HFF announced today that it has arranged $79.65 million financing for the development of 1000 South Clark Street, a 469-unit, luxury apartment tower in Chicago’s South Loop.
HFF worked on behalf of the borrower, a joint venture between iStar Financial and JDL Development, LLC, to secure the four-year, floating-rate construction loan through Bank of the Ozarks.
1000 South Clark Street is located at the intersection of South Clark Street and Roosevelt Road less than two blocks from the Roosevelt “L” station and adjacent to a newly constructed multi-level Target and The Roosevelt Collection mixed-use development. Situated on a 2.53-acre site, the 28-story property will include 469 apartment units. Community amenities will include a fitness facility and spa including sauna and steam rooms, indoor/outdoor yoga room, indoor swimming pool, all-season indoor/outdoor whirlpool, half-court basketball court, golf simulator and putting green, racquetball court, outdoor running track, multiple lounges and outdoor spaces, theater room, full-service dog day care and dog run, and 24-hour concierge service. The property will also feature a dynamic courtyard entry experience, which welcome residents and visitors.
The HFF debt placement team representing the borrower was led by director Danny Kaufman and executive managing director Matthew Lawton.
“The project will offer an absolute market leading mix of amenities and is well positioned in Chicago’s South Loop with a walk-to-work location and immediate access to neighborhood amenities,” commented Kaufman, who co-led the financing effort.
iStar Financial Inc. (NYSE: STAR) is a fully-integrated finance and investment company focused on the commercial real estate industry. The company provides custom-tailored investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The company has invested more than $35 billion during the past two decades. Additional information on iStar Financial is available on the company's website at www.istarfinancial.com.
JDL Development was founded in 1993 by Jim Letchinger, primarily as a developer of single-family homes and condominiums in the city of Chicago. Over the past 20 years the company’s projects progressed into larger row home and town home communities, as well as commercial properties and luxury high-rise apartments.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.