U.S. Bank Closes on $115 Million Loan for Chicago's Prominent 111 W. Wacker
U.S. Bank Closes on $115 Million Loan for Chicago's Prominent 111 W. Wacker
CHICAGO--(BUSINESS WIRE)-- U.S. Bank and Related Midwest announced today they have closed on the $115 million loan that will finance construction on 111 W. Wacker Drive, a 504-unit apartment complex in downtown Chicago.
Originally planned to be the fifth-tallest building in Chicago, the prior development reached a mere 25 stories before the economic recession halted construction in 2008. The project has been sitting unfinished since then.
In July, 2011 Related acquired the building and announced plans to transform the tower into a 60-story luxury rental building. Demolition is currently underway and vertical construction is expected to start in early 2013 with completion by the spring of 2014.
"In cities all over the country, U.S. Bank is working with customers like Related to get the economy moving again," said Don Pafford, Chicago commercial real estate manager with U.S. Bank. "We are happy to see this project will move forward and become a significant addition to the heart of Chicago."
Related Midwest, a division of New York-based Related Companies, has recently completed several developments in Chicago, including 340 On the Park, 840 North Lake Shore Drive, Park Tower, The Belvedere and The Pearson and is currently developing 500 North Lake Shore Drive. .
Curt Bailey, President of Related Midwest said, "Related Midwest is pleased to partner with U.S. Bank on the development of 111 West Wacker Drive. Chicago's rental market is strong and demonstrating healthy rent growth. Not only will we bring greatly desired best-in-class luxury rental apartments to downtown Chicago, but together we are creating hundreds of jobs and investing in the future of our great city."
U.S. Bank employs more than 1,600 people and has 88 branches in the Chicago area.
U.S. Bank served as the lead lender on the deal. Bank of America served as the syndication agent.
About Related Companies
Formed over 40 years ago, Related is a fully-integrated highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco, South Florida, Shanghai and Abu Dhabi and boasts a team of approximately 2,000 professionals. The Company's existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYS: USB) , with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731
nicole.sprenger@usbank.com
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