Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
601W Secures $215M Financing for New Office Redevelopment in Chicago’s SW Loop
(Updated with additional information)
601W Companies has secured a total of $215.1 million in financing for its redevelopment of 801 S. Canal St. in Chicago’s Southwest Loop as multi-tenant office space. Bank OZK provided a $147.5-million senior loan, while Lionheart Strategic Management LLC, a Fisher Brothers affiliate, originated a $67.6-million investment in the form of a mezzanine loan and preferred equity on behalf of Milestone Asset Management.
The financing will be used to redevelop 801 S. Canal into a modern and highly amenitized 700,000-square-foot office building. The property sits a block away from 601W’s $1-billion renovation of the Old Post Office building.
The Old Post Office, which 601W acquired in 2016, is now 95% leased to a variety of industry-leading tenants.
Andy Klein and Sang Kim led the mezz loan/preferred equity transaction for Lionheart Strategic Management. A JLL Capital Markets team of Keith Largay, Lucas Borges and Ryan Sullivan represented 601W.
- ◦Development
- ◦Financing
