HFF Arranges Loan for $93M Tower Purchase

CHICAGO—HFF said Tuesday that it has arranged an adjustable-rate acquisition loan for the $91.3 million purchase of 230 West Monroe this past summer.

HFF put together the financing for a joint venture comprised of Lincoln Property Group and an investment fund, reportedly Newport Beach, Calif.-based PIMCO. Stamford, Conn.-based General Electric Pension Trust sold the 29-story office building in August.

The 623,524-sq.-ft. building is about 89 percent leased, according to an HFF statement. The property underwent lobby renovation, retail expansion and elevator modernization in 2003. The HFF team representing the borrower was led by senior managing directors Kevin MacKenzie and Michael Kavanau and managing director Tim Joyce. The HFF team, which had also worked on the sale of the property, did not divulge the loan amount.

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