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$7M Loan Boosts Motor Row Building Transformation
The 115,000-square-foot industrial building at 2222 S. Michigan Ave. on Motor Row will become a mixed-use property owned by KCI Company, a private investor that is purchasing the land.
Investment banker Continental Partners secured a $7 million bridge loan to facilitate the acquisition. The building, once a Motor Row auto showroom, is vacant.
“This acquisition presents our sponsor with the opportunity to take an iconic property and transform it to suit current demands, and rebuild its premier status in the South Loop neighborhood,” said Eugene Rutenberg, director of Continental Partners.
The buyer plans extensive renovations to the interior and exterior of the building to convert it to multiple uses, including retail, entertainment and office.
The one-year loan with an additional option year will provide time for the buyer to complete the design and permitting processes. The bridge loan would then be refinanced into a construction take-out facility.
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