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Northwind Group Provides $62M for Office Building in Chicago’s East Loop
Northwind Group has provided a $62.5 million first mortgage, senior secured acquisition and lease-up loan collateralized by 303 East Wacker Drive, a 30-story Class A office building.
The property was acquired by a JV between 601W Companies and David Werner Real Estate Investments, both are repeat borrowers of Northwind. The financing facilitated the acquisition from the existing lender via a deed-in-lieu of foreclosure from prior ownership Beacon Capital Partners. Northwind was represented by John Vavas of Polsinelli Law Firm.
The property spans over one million square feet including a 282-space parking garage. The loan was structured such that $32.5 million was advanced for the acquisition with the remaining $30 million held back as good news facility for accretive future leasing costs.
The property is currently 75% occupied with five years of remaining lease term. The building was recently renovated and modernized with over $32 million of building upgrades and tenant-focused improvements made by the prior ownership.
