Northwind Group has provided a $58.5 million first mortgage loan financing the acquisition and lease-up of 175 West Jackson Boulevard, a 22-story office property in Chicago totaling over 1.4 million square feet, including a 240-space parking garage.
The Manhattan-based real estate private equity firm provided a loan structured with a $33.5 million initial advance at closing, with an additional $25 million reserved as a good-news facility to fund future accretive leasing costs. The property is located in Chicago’s Central Loop and occupies a full city block.
The property was acquired by a joint venture between 601W Companies and David Werner Real Estate Investments. The financing facilitated the acquisition at a significantly reset basis, reflecting an approximately 85% discount to the property’s prior purchase price by Brookfield. The building has undergone extensive renovations and modernization, with over $24 million of capital improvements completed by prior ownership.
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