JV Buys, Finances Multifamily with $49M Loan

CHICAGO--A venture of Marquette Cos., Hunt Development Group and American Realty Advisors has purchased and financed the 22-story multifamily building at 1401 S. State St. with a $49.3 million fixed-rate loan. It’s reported that Marquette purchased the building for about $70 million from Equity Residential and Lincoln Property.

HFF Inc. closed the sale and arranged financing for the 278-unit high-rise in Chicago’s South Loop. The Federal Home Loan Mortgage Corp. (Freddie Mac) provided the loan for the joint venture borrower.

The building, completed in 2008, is two blocks south of the Roosevelt Road retail corridor. The property has studio, one- and two-bedroom units averaging 850 square feet each. Community amenities include a fitness center, sky garden with fire pit and barbecue grills, social room, wireless cyber café, dog run with bathing station and fountain, and a business center. The 95-percent-leased property also has 2,488 square feet of street-level retail and 195 parking spaces.

The HFF investment sales team representing the seller was led by Executive Managing Director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell. HFF’s debt placement team representing the borrower was led by Managing Director Matthew Schoenfeldt.

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