Angelo, Gordon & Co LP has acquired a majority stake in Chicago-based apartment tower River North Park. Previous owner Waterton will retain a stake in the property, which it recently recapitalized. Holliday Fenoglio Fowler LP advised Waterton on this transaction and also arranged financing to Angelo, Gordon with an unnamed national bank.
December 07, 2016 04:23 PM Eastern Standard Time
CHICAGO–(BUSINESS WIRE)–Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the recapitalization and arranged financing for River North Park, a 400-unit, 24-story apartment tower in Chicago’s River North neighborhood.
HFF represented Waterton in the recapitalization of the property. Angelo, Gordon & Co., L.P. purchased a majority interest in the asset for an undisclosed amount. HFF also arranged a short-term, floating-rate acquisition loan on behalf of the new owner with a national bank.
River North Park is located at 320 West Illinois Street, steps from the Chicago Transit Authority’s (CTA) Merchandise Mart Brown/Purple station. With a WalkScore® of 98, the property is near the Hubbard Street and Rush and Division entertainment corridors as well as some of Chicago’s top retail attractions along and surrounding North Michigan Avenue. River North Park is also convenient to Lake Shore Drive and Interstates 90/94, 290 and 55 offering access around the metropolitan area. The community features a 24-hour door attendant, enclosed garage parking, fitness center, indoor heated lap pool, internet café and a private, half-acre landscaped courtyard with sundeck and gas grills.
The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton along with managing director Sean Fogarty.
HFF’s debt placement team representing the buyer was led by managing director Stephen Skok.
Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Since its formation, the company has invested over $5.3 billion in assets. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. Currently, Waterton’s portfolio includes approximately $4 billion in assets, including approximately 20,000 multifamily units and 13 hotels. Visit Waterton’s new website: www.waterton.com.
About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately $26 billion. The firm’s investment focus centers around three core competencies – credit, real estate and private equity in standalone and multi-strategy mandates for its clients. Angelo, Gordon has approximately 350 employees and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.