Finance N Illinois

HFF arranges $62M in equity for West Chicago development

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Holliday Fenoglio Fowler, L.P. (HFF) announced $61.88 million in joint venture equity for the development of 845 West Madison, a 586-unit, luxury multi-housing project in Chicago’s West Loop/Fulton Street submarket. The HFF team worked on behalf of the developers, Lendlease and The John Buck Company, to arrange the joint venture equity partnership with Intercontinental Real Estate Corporation.

The HFF equity placement team representing the developer included managing director Danny Kaufman, director Christopher Knight and associate Mary Dooley. 845 West Madison, which recently broke ground and is slated to welcome first move-ins in the summer of 2020, will include two 17-story towers totaling approximately 720,000 square feet of residential space and 10,000 square feet of ground-floor retail along Madison and Monroe Streets. Located on the former H20+ Cosmetics site, the project will encompass an entire city block.

The site is steps from many of the city’s Michelin-rated restaurants, some of the top nightlife destinations and a growing number of retail options. 845 West Madison is also a short walk to Chicago’s CBD with more than 46.3 million square feet of office space in the West Loop. The transit-served development will provide residents with multiple connectivity points to the entire Chicagoland area. The project is just off Interstate 90/94 and within four blocks of two CTA “L” stations as well as CTA bus stops.

Designed by GREC Architects, the podium-style project’s façade will pay homage to Fulton Market’s industrial history by incorporating classic masonry details at the street level ascending to modern glass at the top of the towers. Units will feature top-of-the-line finishes, nine-foot ceilings, in-unit washers and dryers and balconies in select units. Both towers will share a one-acre outdoor amenity deck, featuring expansive green spaces, two pools and a lounge area with grills and fireplaces. Additional community amenities will include a fitness center, yoga room, game room, resident lounge, coffee bar, demonstration kitchen, dog park, co-working space and a 278-stall parking garage.