By Ioana Neamt
Working on behalf of Blue Star Properties and the Wolcott Group LLC, both based in Chicago, HFF placed the floating-rate loan with Brookfield Real Estate Financial Partners and Bank of the Ozarks. According to the broker, proceeds from the loan were used to pay off existing financing, complete renovation work at the site and fund leasing capital for the project.
An HFF debt placement team including Managing Director Christopher Carroll, Senior Managing Director Michael Kavanau and Associate Director Christopher Knight represented the borrower in the transaction.
The 573,276-square-foot building at 125 S. Clark was originally built back in 1907 by Daniel Burnham as the Commercial National Bank building of Chicago. The building is currently undergoing renovations and will be rebranded The National.
Following renovations, The National will feature lofted office space with expansive floor plates and large windows, an outdoor terrace, a main-level artisanal marketplace and lounge, a record shop and a fitness center, among other amenities. The steel and concrete tower at 125 S. Clark offers easy access to CTA/EL trains, Metra train lines and public bus routes, and is conveniently situated in the heart of the city’s central business district.
Image courtesy of Blue Star Properties