CHICAGO, IL– Holliday Fenoglio Fowler, L.P. (HFF) announced $20.95 million in financing for the development of 42 luxury apartment units at Norweta Row in Chicago’s Lincoln Park neighborhood.
The HFF team worked on behalf of Broder to secure the construction loan through Citizens Bank. Norweta also includes 31 for-sale condominium units that share amenities with the apartments, but were not part of the collateral for this loan.
Broder is a privately funded real estate partnership based in Boston’s Back Bay that invests in, develops and manages commercial, residential and hospitality properties.
Norweta Row will be located at 2611 North Hermitage southeast of the intersection of W. Diversey Parkway and N. Clybourn Avenue in Lincoln Park. The apartment phase of the project is due for completion in the spring of 2019 and will encompass a four and a half-story building with 42 rentable apartment units totaling 79,000 square feet.
The 31 for-sale condominium units will total 83,900 square feet. Both phases of the project will be constructed to LEED Platinum specifications and will include smart-home technology, pre-wired surround sound, hardwood floors, quartz countertops, Sub-Zero refrigerators and Wolf appliances, and full-size washers and dryers. Community amenities will include nearly an acre of outdoor space, a resort-style pool, fire pit, outdoor dining and grilling area, private courtyards, 30-foot sport court, pet concierge service, dog wash station and electric car charging stations.
The HFF debt placement team representing the borrower included director Christopher Knight and managing director Greg LaBine.
“Norweta Row’s attention to detail, thoughtful unit layouts and breadth of amenities in the highly desirable Lincoln Park neighborhood is unique to the market and will be very well received by renters and buyers alike,” Knight said.