Blue Star Properties and the Wolcott Group LLC received a $95.5 million loan for the financing of 125 S. Clark Street, a 573-276-square-foot office building in Chicago currently being renovated and soon-to-be rebranded into The National.
HFF represented the joint venture in the floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks. According to the Chicago office of HFF, loan proceeds were used to payoff existing financing, complete building renovations and fund leasing capital for the project.
Renovations on the 20-story building once known as the Commercial National Bank Building of Chicago, will include a lofted office space; an outdoor terrace; a one-of-a-kind, main level artisanal marketplace and lounge; record shop and fitness center. The office space will offer tenants 12-14′ ceilings, fully operable single-hung windows and expansive floor plates.
The HFF debt placement team representing the borrower was led by managing director Christopher Carroll and included senior managing director Michael Kavanau and associate director Christopher Knight.