CHICAGO, IL - HFF announced late last week that they had both closed the sale of and secured financing for The Communities of Ascot Glen, a multifamily development at 6060 Laurel Lane on Highway 83 in suburban Willowbrook. The 712 homes stand about 20 miles southwest of downtown Chicago.
HFF handled the sale for an institutional owner. TGM Associates purchased the property, now known as the Willowbrook Apartments, for $101 million. HFF also secured a $75 million, 10-year, 3.745 percent fixed-rate Fannie Mae loan to help acquire the property through M&T Realty Capital Corporation.
The HFF team representing the seller was led by Executive Managing Director Matthew Lawton, and included Managing Directors Marty O'Connell and Sean Fogarty and Associate Director Wickliffe Kirby. Managing Director Matthew Schoenfeldt and Senior Real Estate Analyst Jason Bond, both from HFF's debt placement team, represented the buyer.
The Willowbrook Apartments, a collection of 76 two-story buildings, has a very low vacancy rate, less than 5 percent, and some of the apartments were partially renovated in 2010.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
