Northwind Group Provides $62.5M Acquisition Loan for Office Building in Chicago’s East Loop

CHICAGO — Northwind Group has provided a $62.5 million first mortgage, senior secured acquisition and lease-up loan collateralized by 303 East Wacker Drive, a 30-story office building in Chicago. The property totals more than 1 million square feet and includes a 282-space parking garage. Situated on the Chicago River in the East Loop submarket, the building was roughly 75 percent occupied at the time of loan closing. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition from the existing lender via a deed-in-lieu of foreclosure from prior ownership, Beacon Capital Partners. The building has been recently renovated and modernized with over $32 million of upgrades and tenant-focused improvements. A new amenity center on the entire 30th floor overlooks Lake Michigan. John Vavas of Polsinelli Law Firm represented Northwind.