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NEXT Apartments Gain Refinancing
Owners of the NEXT apartments near downtown Chicago will refinance their construction debt after receiving a seven-year, fixed-rate loan.
HFF worked for the joint venture of Fifield Companies and the Strand Corporation to secure the loan from a correspondent life insurance company. Managing director Danny Kaufman, senior director Trent Niederberger and director Jimmy Conley comprised the HFF team in the transaction. The amount of the loan was not disclosed.
The 28-story NEXT property, at Chestnut and Orleans streets, includes 310 apartments and 5,700 square feet of ground-floor retail. The property is less than a quarter-mile from an “L” station and near a bus stop. Dining and nightlife is within walking distance.
“This reaction from the market is a prime example of the quality and depth of lenders that newly stabilized assets are attracting here in Chicago,” Conley said.
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