{"id":1004598272,"date":"2022-08-18T03:29:13","date_gmt":"2022-08-18T11:29:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004598272"},"modified":"2022-12-08T15:11:02","modified_gmt":"2022-12-08T23:11:02","slug":"601w-cos-secures-215m-redevelopment-funding","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/601w-cos-secures-215m-redevelopment-funding\/","title":{"rendered":"601W Cos. Secures $215M Redevelopment Funding"},"content":{"rendered":"
\"\"<\/a>

801 Canal Street<\/p><\/div>\n

601W Cos.<\/strong> has secured $215 million in financing for the redevelopment of 801 South Canal St. in Chicago. The property will be transformed into a 700,000-square-foot office building in the Southwest Loop neighborhood.<\/p>\n

Lionheart Strategic Management LLC<\/strong>, an affiliate of Fisher Brothers<\/strong>, originated a mezzanine loan and preferred equity on behalf of Milestone Asset Management<\/strong>. The mezzanine loan totals $67.6 million. On top of that, Bank OZK<\/strong> provided an additional $147.5 million in funding through a senior loan.<\/p>\n

\n

READ ALSO<\/strong>: Commercial Banks Stay Competitive Yet Cautious in CRE<\/a><\/p>\n

\n

801 South Canal St. was originally purchased by 601W Cos. in early 2020 for $68 million, according to CommercialEdge data. The building was constructed in 1989 and sits on 4.9 acres.<\/p>\n

Located near Union Station, the redevelopment is one block away from 601W Cos.’ renovated Old Post Office building. The historic structure was purchased in May 2016<\/a>. After $1 billion in updates, the asset is now 95 percent leased, with a 3.5-acre urban rooftop oasis and 18,000 square foot food hall.<\/p>\n

Bank OZK and Lionheart have also announced a partnership for a residential development in Miami, for which they will provide $150 million in funding. For the 801 South Canal St. financing, Andy Klein and Sang Kim led the transaction for Lionheart.<\/p>\n","protected":false},"excerpt":{"rendered":"

These loans will be used to redevelop Chicago office space. <\/p>\n","protected":false},"author":3006,"featured_media":1004598279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21825,22251,13,21742,21747],"tags":[41597,33371,51466,34217],"class_list":["post-1004598272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-finance","category-in-focus","category-midwest","category-latest","category-office","tag-bank-ozk","tag-fisher-brothers","tag-lionheart-strategic-management","tag-the-601w-companies"],"acf":[],"yoast_head":"\n601W Cos. 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