|
|
2/27/15
|
LA-based Thorofare Capital has funded a $5.36 mil bridge loan for Cedar Street Capital’s acquisition of 1144 West Fulton Market Street in the Fulton Market district of Chicago, IL. 1144 West Fulton Market is a creative office property with 32 parking lot spaces located at 351 North May Street.
The “stretch” senior financing included a $4.56 mil A-note and an $804k B-note, which represents nearly 80% of the total capital stack. The loan, which closed in just two weeks from application to meet a time of essence closing requirement for the sponsor, was funded through Thorofare’s Asset Based Lending Fund III, L.P., a $250 mil discretionary debt fund.
The 27.7k sf loft building was originally built in the mid-1920s as an egg distributorship. The property is located on Fulton St between May St and Racine Ave, in the heart of the Fulton Market / West Loop submarket. After many years and several uses, the building was purchased in 1995 by the seller.
Both the interior and exterior of the building were completely renovated. This included a new roof, extensive masonry work, floor repair, new mechanicals, elevator and stairwell installation as well as the build-out of all the commercial spaces.
The property is currently 78.5% occupied. The financing included capital expenditure and leasing earn-outs in order to capitalize the borrower’s business plan of converting the ground floor from office to retail space to improve the profitability of the property and fill the retail void in the neighborhood.
Cedar Street Capital is a Chicago-based vertically integrated real estate development, investment and management company focused on the adaptive reuse of obsolete or underperforming assets in targeted urban infill areas. The company has invested in excess of $250 mil of private equity capital towards Chicagoland commercial projects and conducts all of its construction, property management, and leasing efforts in-house.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate