Chicago developer launching real estate fund

Fifield Cos., a Chicago-based developer, is launching a multifamily property real estate fund this fall. The fund is targeting $175 million of equity with a hard cap of $600 million.

The closed-end fund will focus 30 percent on new construction with 55 percent to 65 percent loan-to-value financing, and 70 percent on value-add properties with financing of 65 percent to 75 percent loan-to-value. Investments will be in multifamily properties in Austin, Chicago, Dallas, Denver, Houston, Los Angeles, Orange County, Phoenix, San Diego, San Francisco and Seattle.

Steve Fifield, chairman and CEO of the firm, says he and other senior Fifield Cos. executives will be investing in the fund: “Our deep experience in new construction high-rise and mid-rise apartments gives us a real advantage in value-add apartments in repurposing public areas, as well as deep value-add improvements.”

The firm hopes to have a first close by second quarter 2016.