HFF Arranges $150 Million Financing for MILA in Chicago

CHICAGO--()--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $150 million in financing for MILA, a 41-story, 402-unit luxury apartment tower located along Chicago’s Michigan Avenue.

“It has been a pleasure to work with the development team at The John Buck Company on this successful refinancing”

HFF worked on behalf of a joint venture between The John Buck Company, Becker Ventures, LLC and funds managed and/or advised by Partners Group to secure the floating-rate loan through Quadrant Real Estate Advisors. Loan proceeds will refinance the original construction financing.

MILA is situated at the northwest corner of Michigan Avenue and Lake Street in the heart of Chicago’s CBD, steps from the Chicago River and highly amenitized Chicago Riverwalk. With a WalkScore® of 98 and Transit Score® of 100, the property’s East Loop location is at the confluence of some of Chicago’s most notable entertainment, retail and employment districts, including the Loop, Lake Shore East, River North, Streeterville and the Magnificent Mile. Designed by renowned bKL Architecture, the LEED Gold-certified property comprises 402 luxury residences and 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel.

Completed in May 2016, the stabilized property offers state-of-the-art amenities, including a rooftop relaxation pool and sundeck; urban garden with grilling stations, fire pits, outdoor TVs; and game room with tech bar. The property also includes a fitness center, pet salon with outdoor dog run, concierge service and an enclosed parking garage. Homes feature gourmet kitchens with stainless steel appliances, high-gloss cabinetry and quartz countertops; floor-to-ceiling windows; spacious closets; full technology package; and in-unit washers and dryers.

The HFF debt placement team representing the developer was led by managing director Danny Kaufman and director Jimmy Conley.

“It has been a pleasure to work with the development team at The John Buck Company on this successful refinancing,” Kaufman said. “MILA is one of the best examples seen today of luxury living in Chicago’s high-density urban core. The property’s excellent lease-up and strong operations are a testament to the quality of the project and the sponsorship group’s ability to execute on their plan.”

About The John Buck Company

Founded in 1981, The John Buck Company (“JBC”) has an established track record and reputation as a premier, vertically integrated real estate investment, development and operating company focused on major U.S. urban markets. Since inception, JBC has made principal investments in assets comprising more than $6.7 billion of gross value and acquired, developed or redeveloped over 42 million square feet of office, multifamily, residential and mixed-use properties. To learn more about JBC, visit www.tjbc.com.

About Becker Ventures, LLC

Becker Ventures is a Grosse Pointe, Michigan-based firm that was established in 1998 to invest in a variety of business ventures, including manufacturing, real estate and services industries. The firm currently owns the hotel adjacent to the project.

About Partners Group

Partners Group is a global private markets investment management firm with over USD 66 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland, and has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 950 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.

About Quadrant Real Estate Advisors

Quadrant Real Estate Advisors is an investment manager focused on the commercial real estate debt marketplace. Quadrant has over $9 billion in assets under management, and the Quadrant team has invested over $23 billion on behalf of its clients since 1995. Quadrant distinguishes itself by tailoring each financing to meet property owners’ partnership and property level objectives. Quadrant invests on behalf of its clients in the U.S., the U.K., and Ireland from its offices in Atlanta and London.

About HFF

Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Contacts

HFF
Danny A. Kaufman, (312) 528-3650
HFF Managing Director
dkaufman@hfflp.com
or
Olivia N. Hennessey, (713) 852-3500
HFF Public Relations Specialist
ohennessey@hfflp.com

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Release Summary

HFF announced today that it has arranged $150M in financing for MILA, a 41-story, 402-unit luxury apartment tower located along Chicago’s Michigan Ave

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