Working on behalf of the borrower, HFF (NYSE:HF) arranges the $290M construction loan for The Surf Club Four Seasons Private Residences in Surfside, FL. The property will include 151 residential units, 77 hotel rooms, and luxury retail and restaurant space.
In another deal, HFF arranges the financing for 401 North Michigan Avenue, a 35-story, 58K square foot Class A office tower along Chicago's "Magnificent Mile." The property was built in 1965 and currently 81% leased. The five-year floating-rate loan came through Blackstone Mortgage Trust (NYSE:BXMT), and the money (amount not disclosed) will be used to renovate the property over the next three years.