Joint venture equity and construction financing has been arranged by Holliday Fenoglio Fowler, L.P. (HFF) to develop 727 West Madison Street, a 46-story, 492-unit apartment project in Chicago’s West Loop.
727 West Madison is located at the southeast corner of South Halsted and West Madison Streets in Chicago’s West Loop neighborhood. The site borders Interstate 90/94 and is adjacent to a newly built Whole Foods and Mariano’s Fresh Market. Upon completion in late 2018, the project will comprise 492 residential units averaging 783 square feet, approximately 10,000 square feet of retail space and 376 parking stalls. Designed by FitzGerald Associates Architects, the building will include a swimming pool, hot tub, fitness center, yoga room, conference room, game room with billiards table, resident lounge with coffee bar, movie theater, demonstration kitchen, dog park and car wash area. Units will feature a mix of studio to three-bedroom floor plans and modern finishes, including stainless steel appliances, kitchen islands, custom tile, wood floors throughout, frameless shower doors and in-unit washers and dryers.
HFF worked on behalf of the developer, Fifield Companies and F & F Realty, to arrange a joint venture partnership with affiliates of Ares Management, L.P. HFF also secured $117.768 million in construction financing for the project from Bank of the Ozarks.
“It has been an absolute pleasure to work with this development team,” said Danny Kaufman, managing director, HFF. “727 West Madison will redefine the residential landscape of the Fulton Market district and will be an asset to the community for years to come.”