(OAK BROOK, IL) – Hines, the international real estate firm, along with Levy Family Partners, Duchossois Capital Management and Las Americas, announced the execution of construction financing with New York Life Real Estate Investors on One Oak Brook Commons, the first-ever rental apartment development in the Village of Oak Brook.
One Oak Brook Commons will be a 17-story, Class-A high-rise building with 250 luxury apartment homes and 420 parking stalls within a secured private parking deck. The community is located at the epicenter of the 16.5-acre Oak Brook Commons mixed-use master plan being developed by Hines, and the community will sit directly adjacent to a new public park named The Pitch.
The residences will average a gracious 1,055-square-feet and will offer upscale finishes and fixtures that will set a new standard for quality in suburban Chicago. The project will also offer an elevated resort-style amenity deck, featuring a heated pool, cabanas, outdoor kitchens and public lawn, as well as a high-end private fitness center, club room, library, expansive dog run, modern package facilities and significant bicycle storage.
“It is an honor to continue our work in the Village of Oak Brook and to add to the vibrancy of its commercial core. Hines is also delighted to expand our valued relationship with New York Life,” said David Bach, managing director at Hines. “One Oak Brook Commons will offer residences and amenities of a quality unrivaled in the market, at a location with truly unique walkability to countless dining and shopping options.”
“We are excited to build upon our relationship with Hines and are pleased to provide single source, large project construction financing on this well-located, highly amenitized Class A multifamily property,” said Daniel Hayes, a Chicago-based director responsible for Central US structured debt originations at New York Life Real Estate Investors.
“This transaction evidences REI’s continuing ability to provide a stable source of construction financing to institutional borrowers and a pipeline of attractive investment opportunities for the capital that we represent,” added John Lippmann, Head of Structured Debt at NYL Real Estate Investors.
Antunovich Associates is the Architect of Record for the development project, and W.E. O’Neil will serve as the general contractor. Occupancy is expected to begin in early 2022.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. For more information please visit: http://www.newyorklife.com/realestateinvestors.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans and commercial mortgage backed securities. With over $60.1 billion in assets under management as of September 30, 2020. (1) New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
(1) Real Estate Investors AUM of $60.1B is gross and includes AUA ($1.4B) as of 9/30/2020. Net AUM for Real Estate Investors is $59.4B as of 9/30/2020.