HFF SECURED $31M LOAN FOR LINCOLN AT OVALTINE COURT

VILLA PARK, ILL. — The Chicago office of Holliday Fenoglio Fowler (HFF) has secured a $31 million loan for the refinancing of Lincoln at Ovaltine Court, a 344-unit multifamily property located at One Ovaltine Court in Villa Park. Part of the property consists of a redevelopment of the former Ovaltine headquarters; the four-story factory building was converted into 121 loft-style homes. The remaining space at the 14-acre site contains 223 residences and six commercial units. Individual units range from 673 to 1,318 square feet and feature 9- to 16-foot ceilings, balconies and patios, fireplaces, and direct-access garages. Community amenities include a fitness center, a business center, a resident clubroom, an outdoor swimming pool and a sundeck. Matthew Schoenfeldt and Mike Kavanau of HFF represented the borrower, a partnership between Lincoln Property Co. and the AFL-CIO Building Investment Trust. The loan is for a 5-year term with a 5.35 percent fixed interest rate, and was provided by Freddie Mac.