Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, secured $5.82 million for the refinance of Workshop 4200 located at 4200 W. Diversey Avenue in Chicago’s Hermosa neighborhood. The 153,000 square-foot industrial property has been renovated into a unique collaborative “workshop” for creative and artisan tenants.
Dan Rosenberg, managing director, and Matt Terpstra, vice president, in Cohen Financial’s Chicago office, finalized the deal, securing a fixed-rate loan with Morgan Stanley. The borrower, a longtime Cohen Financial client, bought the property several years ago and recently renovated the property for its new, creative use.
The redeveloped property is ideal for creative tenants such as photographers, visual and sculptural artists, candle makers, coffee roasters and furniture makers and the building also contains a recording studio. Workshop 4200 features a gallery space in the common area that hosts events, meetings, happy hours and showcases tenant artwork. Many of the artist tenants have relocated to the building from other properties in the city.
“Workshop 4200 boasts an incredible location at the thriving intersection of the Hermosa, Logan Square and Avondale neighborhoods. The property is adjacent to the former Marshall Field & Company warehouse complex that underwent a massive conversion into a popular mixed-use development,” said Rosenberg.