Mavrek and ACRES Commercial Realty Corp. have closed financing at 65 E Wacker Place in Chicago, officially named Wacker Place.
With the issuance of the full building permit, Wacker Place is poised to start interior construction. The historic property will be redeveloped into a 252-unit luxury apartment complex by McHugh Construction, with design by Pappageorge Haymes Partners.
Chris Knight, Managing Director at JLL Capital Markets, represented the development team for the placement of the debt.
The financing secured by the development team includes a $62.4 million senior loan from Derby Lane Partners and an $11 million loan from Hoyne Savings Bank. The project’s capital stack includes more than $17 million in Federal and Illinois State Historic Tax Credits, which were monetized through PNC Bank. These closings represent a major step forward in realizing the vision for Wacker Place.
Designed to suit urban lifestyles, Wacker Place will offer a mix of studios, one- and two-bedroom residences with in-unit workspaces and expansive city views. Amenities will include a co-working lounge, fitness center, and a rooftop deck with a vantage point atop the Chicago River. Morton’s The Steakhouse, one of Chicago’s premier steakhouses, will continue its tenancy on the ground floor.
Originally constructed as the Millinery Mart Building and later home to the famed Esquire Magazine offices, Wacker Place will honor its historic character while introducing modern design elements and resident-focused features.
Located steps from the Chicago Riverwalk, Michigan Avenue, Millennium Park, and major transit lines, Wacker Place is poised to become one of downtown Chicago’s premier luxury residential buildings.
