Bank of the Ozarks, Brookfield provide $100m on Chicago offices

The lenders provided the floating-rate loan to Blue Star Properties and the Wolcott Group LLC to use the loan proceeds to payoff existing financing, complete building renovations and fund leasing capital for the project, according to a prepared statement from HFF, who arranged the loan.

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.

125 S. Clark St., Chicago, Illinois
125 S. Clark St., 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.

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