Finance N Illinois

Chicago's Logan Crossing multifamily development acquires financing

Chicago's Logan Crossing multifamily development acquires financing,ph01

Holliday Fenoglio Fowler, L.P. (HFF) announced joint venture equity financing for the development of Logan’s Crossing, a 220-unit, luxury mid-rise apartment building in Chicago’s Logan Square neighborhood. The HFF team arranged the joint venture equity partnership between the developer, Fifield Companies, and an institutional investor. The land seller, Terraco Real Estate, remains in the deal as a co-developer.

Logan’s Crossing is being developed on the site of the former Mega Mall at the southwest corner of North Milwaukee and North Sacramento Avenues. Due for completion in the fourth quarter of 2019, the property will total five and six stories of combined residential and retail space. The residential component will be situated above approximately 62,000 square feet of retail space anchored by a small format Target store.

Residential units will average 770 square feet and will feature luxury finishes, including granite countertops, stainless steel appliances, plank flooring and high-end bathrooms. Community amenities will include an outdoor sundeck with soaking pool and grilling areas, indoor resident lounge with large screen TV, party room with demonstration kitchen, fitness center and business center with conference room.

The HFF equity placement team representing Fifield Companies included managing director Danny Kaufman and analyst Mary Dooley.