ACRES Capital Lends on Fulton Market Mixed-Use
ACRES Capital Corp. has originated a $30.5-million loan to fund the acquisition and pre-development of 1200 W. Fulton St. in the Fulton Market District.
The loan was provided to sponsor Fulton Street Companies, a Chicago-based development company specializing in Fulton Market, and was arranged by Berkadia’s Steve Skok. Justin Seitenbach of ACRES’ New York office originated the loan.
Located in the heart of Fulton Market, the property, consisting of 19 adjacent parcels totaling 92,944 square feet of land area, is projected to be developed into two office/retail buildings totaling 749,250 square feet. It will also contain a 380-unit residential tower, including 5,000 net rental square feet for retail.
“Being home to companies like Google, Glassdoor and TikTok, the Fulton Market District has become one of the largest and most successful tech hubs in the country,” said ACRES CEO and president Mark Fogel.
- ◦Financing