CHICAGO—Holliday Fenoglio Fowler, LP has just secured $78 million in construction financing for the development of Fulton West Phase II, a nine-story, 290,699-square-foot building in Chicago's West Loop. Upon completion in 2017, the project will play an important role in the once-industrial neighborhood's transformation into a creative office center.
HFF worked on behalf of the developer, a partnership comprising Sterling Bay and institutional investors advised by JP Morgan Asset Management, to place the construction loan with Bank of America.
Sterling Bay has led the area's renaissance with its renovations of several underutilized buildings. As reported in GlobeSt.com, last December the company landed the first tenant for the Fulton West project, located at 1330 W. Fulton. Skender Construction decided to lease 30,000 square feet, joining Sterling Bay, which has leased a full floor there for its new headquarters. Officials from both firms expect to move from their current locations in mid-2017.
This project will feature 261,129 square feet of creative office space, 18,429 square feet of ground floor retail and a 610-stall parking facility. Tenants will have access to a 24,000-square-foot landscaped courtyard, a 5,750-square-foot roof deck with views of downtown, more than 11,000 square feet of private balcony opportunities and a secure bike room. The development is located less than one half of a mile from I-90, I-94 and I-290. Public transportation is accessible at the nearby Ashland and Lake, and Morgan and Lake “L” stations. In addition, shuttle service to the two downtown commuter rail stations will be provided from Fulton West.
The HFF debt placement team representing the borrower was led by senior managing director Michael Kavanau, managing director Tim Joyce and associate director Christopher Knight.
CHICAGO—Holliday Fenoglio Fowler, LP has just secured $78 million in construction financing for the development of Fulton West Phase II, a nine-story, 290,699-square-foot building in Chicago's West Loop. Upon completion in 2017, the project will play an important role in the once-industrial neighborhood's transformation into a creative office center.
HFF worked on behalf of the developer, a partnership comprising Sterling Bay and institutional investors advised by
Sterling Bay has led the area's renaissance with its renovations of several underutilized buildings. As reported in GlobeSt.com, last December the company landed the first tenant for the Fulton West project, located at 1330 W. Fulton. Skender Construction decided to lease 30,000 square feet, joining Sterling Bay, which has leased a full floor there for its new headquarters. Officials from both firms expect to move from their current locations in mid-2017.
This project will feature 261,129 square feet of creative office space, 18,429 square feet of ground floor retail and a 610-stall parking facility. Tenants will have access to a 24,000-square-foot landscaped courtyard, a 5,750-square-foot roof deck with views of downtown, more than 11,000 square feet of private balcony opportunities and a secure bike room. The development is located less than one half of a mile from I-90, I-94 and I-290. Public transportation is accessible at the nearby Ashland and Lake, and Morgan and Lake “L” stations. In addition, shuttle service to the two downtown commuter rail stations will be provided from Fulton West.
The HFF debt placement team representing the borrower was led by senior managing director Michael Kavanau, managing director Tim Joyce and associate director Christopher Knight.
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