Holliday Fenoglio Fowler, L.P. has arranged a $209 million construction loan for the development of 110 North Carpenter, the 567,000-square-foot future global headquarters of McDonald’s Corporation in Chicago’s Fulton Market District.
HFF worked on behalf of the developer, a partnership made up of Sterling Bay and institutional investors advised by J.P. Morgan Asset Management, to place the construction loan with Bank of America and Wintrust Financial. HFF previously worked on behalf of the developer to secure construction financing through Bank of America for the Fulton West project, located six blocks northwest of 110 North Carpenter.
Scheduled for delivery in the spring of 2018, 110 North Carpenter will consist of 485,000 square feet of office space as well as ground-floor retail and underground parking. The building will also feature private outdoor terraces and a rooftop deck.
McDonald’s Corporation will relocate from its campus in Oak Brook to the nine-story creative office building, which will occupy the site previously home to Oprah Winfrey’s Harpo Studios. 110 North Carpenter is located just two blocks from the Morgan Street “L” station, providing connections to every major line in Chicago.
The HFF debt placement team representing the borrower was led by senior managing director Michael Kavanau, managing director Tim Joyce and associate director Christopher Knight.