Bank of the Ozarks has provided a $233.3 million construction loan on the CNA Center, a 35-story office development in the West Loop neighborhood in Chicago, Illinois, to developer The John Buck Company.
The office tower at 151 North Franklin Street is currently under construction and is planned for completion in the summer of 2018.
The 807,000 sq ft building will be the headquarters of CNA, a leading insurance organization and subsidiary of CNA Financial, and the international law firm Hinshaw & Culbertson LLP.
HFF represented the borrower in this financing. Michael Kavanau, senior managing director with the broker, said in prepared remarks that he experienced “a very strong response from the capital markets to the CNA Center.”
“There have been very few new office towers built in this cycle and very strong tenant demand for new Class A+ space,” he said.
Bank of the Ozarks has completed financings in close proximity to the center. The bank teamed up with another lender to provide a $99.5 million financing on a nearby 20-story office building at 125 South Clark Street in the central business district next to the West Loop this April.
The bank has been an active lender on all asset types in other gateway cities this year. In May, the bank provided a $61 million financing on a hotel development in the Financial District in Manhattan, and in February provided a $73.2 million construction loan on a mixed-use development project in Miami, Florida.