Finance N Illinois

HFF secures $27.5M in financing for Glenview multi-housing community

HFF secures $27.5M in financing for Glenview multi-housing community,ph1

Holliday Fenoglio Fowler, L.P. (HFF) has put together $27.5 million in financing for Valley Lo Tower II, a 112-unit, mid-rise multi-housing community in the northern Chicago suburb of Glenview, Illinois. HFF worked on behalf of The Marquette Companies and LEM Capital to secure the five-year, fixed-rate loan through Allstate Investments. Loan proceeds were used to acquire and substantially upgrade the boutique property.

Valley Lo Tower II features large, family-friendly units, which average nearly 1,800 square feet, with amenities similar to single-family homes. Located near Lehigh and Chestnut Avenues in the affluent Glenview community, the property combines a quiet residential setting with access to highly ranked public schools and walkability to The Glen Town Center.

Valley Lo offers a mix of 29 one-bedroom, 30 two-bedroom and 53 three-bedroom floor plans along with abundant parking in a heated garage. Unit amenities include in-unit washers and dryers, large walk-in closets and spacious private balconies. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Marquette’s renovation dedicates a significant portion of the budget toward making these amenities the finest in the submarket.

“This property represents a unique opportunity to reposition a marquee asset in one of Chicago’s North Shore suburbs,” said HFF managing director Matthew Schoenfeldt, who represented the borrowers. “To longtime residents of the submarket, Marquette and LEM’s revitalization of Valley Lo is an absolute no-brainer. Even if a land parcel could be secured in a similarly compelling location, the cost to construct a building of this quality inclusive of underground parking would be prohibitive. The partnership truly has a diamond in the rough.”