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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. 

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Berkadia's SkokACRES Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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