Bank of the Ozarks and Brookfield Real Estate Financial Partners have provided a $99.5 million financing on a 573,276 sq ft office building in the central business district of Chicago, Illinois.
The lenders provided the floating-rate loan to Blue Star Properties and the Wolcott Group to payoff existing financing, complete building renovations and fund leasing costs, according to a prepared statement from HFF, which arranged the loan.
The 20-story office building at 125 South Clark Street is currently undergoing a renovation and re-branding to “The National.” It will feature lofted office space, an outdoor terrace, a main level marketplace and lounge, a record shop and fitness center.
Blue Star Properties purchased the property from the Chicago Public School district in September 2014 for $28 million, a Chicago Board of Education document shows. The building was built in 1907 as the Commercial National Bank Building of Chicago.
Bank of the Ozarks is a bank holding company with $9.88 billion in total assets. Brookfield Real Estate Financial Partners is a subsidiary of Brookfield Asset Management Inc, which has $220 billion of assets under management. Blue Star Properties is a commercial real estate company that acquires and revitalizes urban retail, office, and mixed-use properties in and around Chicago, while the Wolcott Group is a private equity real estate investment company that invests in opportunistic, transitional, and complex value-add situations.