CHICAGO—Structured Development has placed $75.5 million in permanent financing at its mixed-use development at 1400 N. Halsted here.
Benjamin Kadish, president of Maverick Commercial Mortgage Inc., arranged the financing with Daniel Lukas, principal at Structured. Deutsche Bank and Prime Finance provided the five-year, fixed rate loan, and additional capital allowed for Structured to refinance and recapitalize the project and buyout the former equity partner in the transaction.
The 6-year-old development takes up an entire city block in the Clybourn Corridor. The property is 94 percent occupied, and tenants include British Schools of Chicago, Advocate Health Centers, Northwestern Memorial Hospital and Recreational Equipment Inc.
Structured has a focus on development at the south end of the corridor. Projects include the Lincoln Park Centre at North and Halsted and Kingsbury Center at 1401 N. Kingsbury, anchored by Buy Buy Baby and Petsmart. New City, a large mixed-use development on the east side of Halsted Street at Clybourn, is set to break ground in the next few months.
Kaye Scholer represented Deutsche Bank and Prime Finance in the transaction. Kathryn K. Arnold with Shefsky & Froelich represented the borrowers in this transaction. Mid-America Real Estate Corp. handles leasing and management for Structured at the development.