$99.5 million financing secured by HFF for 125 S. Clark Street in Chicago
CHICAGO, IL – April 19, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $99.5 million in financing for 125 S. Clark Street, a 573,276-square-foot office building in Chicago, Illinois.
Working on behalf of the borrower, Blue Star Properties and the Wolcott Group LLC, HFF arranged floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. Loan proceeds were used to payoff existing financing, complete building renovations and fund leasing capital for the project.
Originally built in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago, 125 S. Clark is currently undergoing a renovation and rebranding to The National. The 20-story, steel and concrete building will feature lofted office space; an outdoor terrace; a one-of-a-kind, main level artisanal marketplace and lounge; record shop and fitness center. The office space will offer tenants 12-14’ ceilings, fully operable single-hung windows and expansive floor plates. The National is situated in the heart of Chicago’s central business district with connectivity to numerous modes of public transport including CTA/EL Trains, Metra train lines and public bus routes.
The HFF debt placement team representing the borrower was led by managing director Christopher Carroll and included senior managing director Michael Kavanau and associate director Christopher Knight.
About Blue Star Properties
Blue Star Properties is a Chicago-based commercial real estate company known for the acquisition and revitalization of urban retail, office, and mixed-use properties in and around Chicago.
About The Wolcott Group LLC
The Wolcott Group is a Chicago-based private equity real estate investment company that invests in opportunistic, transitional, and complex value-add situations. Wolcott invests throughout the capital structure, and across a broad spectrum of real estate asset types, including office, multi-family residential, assisted living, manufactured housing, industrial, and retail.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.