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More developers are refinancing the construction loans on their recent developments while interest rates are still favorable. The latest developer to do this is Fifield Cos., which secured a $95M senior loan for NEXT, its 28-story River North apartment tower, according to Cook County records.
The loan replaces a $70M loan issued by The Private Bank in March 2015. Fifield and its partner in NEXT, Strand Corp., secured the refinancing through American General Life Insurance.
HFF helped Fifield secure the refinancing. The debt placement team was led by Danny Kaufman, Trent Niederberger and Jimmy Conley. Kaufman and HFF's Matthew Lawton also helped Fifield secure $118M in equity and construction financing for Fifield's 727 West Madison development in the West Loop last March. The 44-story apartment building will be the tallest in the West Loop when it is completed later this year.
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