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North Harbor Tower Gets $171M In Financing

North Harbor Tower, 175 North Harbor Drive

Local investor Waterton secured $171.2M in financing for its North Harbor Tower, a 600-unit, high-rise apartment building in Chicago’s Lakeshore East neighborhood.

Waterton bought the property last year for $240M, one of the city’s most expensive recent multifamily deals. HFF brokered the deal for Waterton to secure the seven-year, fixed-rate loan through Freddie Mac’s Green Advantage program. HFF, a Freddie Mac Optigo lender for conventional loans, will also service the loan.

North Harbor Tower, located at 175 North Harbor Drive, was completed in 1988, but since then, developers have filled up the surrounding neighborhood with upscale luxury housing. Waterton plans to upgrade North Harbor’s units and allow the property to better compete with the now-dense residential area.

The property consists of 96 studios, 72 convertibles, 234 one-bedrooms, 108 two-bedrooms and 90 three-bedroom units averaging 958 SF. Community amenities include an indoor swimming pool with retractable doors, an outdoor sundeck, an outdoor activity area with fire pit and lounge, a 24-hour fitness center, a party room with billiards, a 24-hour library, and easy access to local expressways and all of Chicago’s downtown and lakefront amenities.

The HFF debt placement team was led by managing director Stephen Skok and directors Stella Pappas and Gregory Napper.