CHICAGO-A restructuring of the 2.2-million-square-foot Prudential Plaza office tower complex here will inject more than $100 million in new capital that will allow for improvements to the retail and office space at the property.

A venture of Mark Karasick of W Cos. of New York City and Michael Silberberg of Berkley Properties LLC of Nanuet, NY completed the restructuring deal to gain control of the complex at 130 E. Randolph St. and 18 N. Stetson Ave., owned by Los Angeles-based Bentley Forbes Holdings LLC, according to Crain's Chicago Business.

Silberberg and the Chicago office of HFF Inc. brokered the transaction. Silberberg says new ownership will spend more than $100 million on the property.

“It was a tough deal to get done,” Silberberg says. “You have to deal with a seller, a first (lender) and a second. It was putting a puzzle together. At the end of the day, I think the senior lender realized that between the cash infusion and our record in Chicago, they were comfortable working with us. Now the fun begins.”

The building's lenders and BentleyForbes agreed to restructure approximately $470 million of debt on the property. The CMBS debt was split into a $336-million senior loan and a $74-million junior loan. See story in Crain's Chicago Business.

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Prudential Plaza Gets $100M in New Capital

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