CHICAGO, January 18, 2022 /PRNewswire/ — ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a leading mid-market commercial real estate lender, has launched a $30.5 million loan to finance the acquisition and pre-development of 1200 Fulton Street (the “Property”) at Chicago.
Located in the heart of the Fulton Market District, the property, consisting of 19 adjoining parcels of land totaling 92,944 square feet in area, is set to be developed into two (2) office/retail buildings totaling 749,250 square feet as well as a residential tower of 380 units which will also contain 5,000 net leasable square feet for retail.
The property is located in the West Loop submarket of Chicago, which is just one block directly west of the Fulton Market neighborhood and is conveniently served by the Chicago Transit Authority’s green and pink lines at the Morgan ‘L’ station, as well as several bus routes .
“Home to companies like Google, Glassdoor and TikTok, the Fulton Market District has become one of the nation’s largest and most successful technology hubs,” said the CEO and Chairman of ACRES. Marc Fogel. “The area is complete with a world-class restaurant district and an upscale shopping corridor, all catering to the strongest tenant population in Chicago.”
As of 2017, the Fulton Market District has been widely regarded as one of the hottest submarkets for commercial real estate in the Chicago region. A little like the New York one Meatpacking District, the area has grown from its manufacturing and industrial roots to a thriving, fashionable neighborhood lined with art galleries, murals, restaurants and experiential destinations lining the cobblestone streets.
The loan was made to sponsor Fulton Street Companies, a Chicago-a real estate development company specializing in the Fulton Market District, and was arranged by steve skok from Berkadia. Justin Seitenbach of ACRES’ New York office issued the loan.
ACRES is a nationwide direct lender and SEC-registered investment adviser providing construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $10 million at $100 million range including multi-family, student accommodation, retail, office, hospitality and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
Doug Allen / Maya Hanowitz
Dukas Linden Public Relations
SOURCE ACRES Capital Corp.