ACRES Originates $30.5M Loan for 1200 West Fulton Street in Chicago
JANUARY 18, 2022Loan to fund the acquisition and pre-development of office and multifamily buildings
CHICAGO (January 18, 2022) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading commercial real estate middle-market lender, has originated a $30.5 million loan to fund the acquisition and pre-development of 1200 West Fulton Street (the “Property”) in Chicago.
Located in the heart of the Fulton Market District, the Property, consisting of 19 adjacent parcels of land totaling 92,944 square feet of land area, is projected to be developed into two (2) office/retail buildings totaling 749,250 square feet as well as a 380-unit residential tower that will also contain 5,000 net rental square feet for retail.
The Property is located in the West Loop submarket of Chicago, which is just one block directly west of the Fulton Market neighborhood and is conveniently served by the Chicago Transit Authority’s Green and Pink Lines at the Morgan ‘L’ station, as well as several bus routes.
“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 Chief Executive Officer and President Mark Fogel. “The area is complete with a world-class restaurant district and high-end shopping corridor, all catering to the strongest renter demographic in Chicago.”
Since 2017, the Fulton Market District has been widely considered one of the hottest submarkets for commercial real estate in the Chicago area. Much like New York’s Meatpacking District, the area has transitioned from its manufacturing and industrial roots into a thriving and fashionable neighborhood lined with art galleries, street murals, restaurants and experiential destinations lining cobblestone streets.
The loan was provided to sponsor Fulton Street Companies, a Chicago-based real estate development company specializing in the Fulton Market District, and was arranged by Steve Skok of Berkadia. Justin Seitenbach of ACRES’ New York office originated the loan.
