Jeff Cherner, senior vice president and managing director of NorthMarq’s Chicago regional office, arranged mortgage financing of $58.5 million for 400 S. Jefferson St., Chicago.
The property located at the southwest corner of Jefferson and Van Buren is being renovated by Sterling Bay Companies. The three-year floating rate financing was arranged for the developer by NorthMarq through its relationships with Bank of America and Heitman Capital Management.
“We were able to help Sterling Bay with a creative financing structure that allowed them to fast track this deal in order to meet their tight timeframe for completion,” Cherner said. “Heitman’s funds along with ownership cash were used to close the acquisition of the existing facility in February, and Bank of America will soon begin funding their construction loan. Substantial completion of the building will occur near the end of the fourth quarter of 2012. The building will undergo a complete renovation including new exterior skin and windows, new building systems and a green rooftop deck. The renovated property will be highly visible to eastbound vehicles coming into the city on I-290.”