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First Union Makes $75M Chicago Investment

CHICAGO-Boston-based First Union is providing 25 convertible mezzanine loans representing interests in 25 Chicagoland office properties, which have an aggregate value of approximately $395 million.

By Dana Dubriwny | Updated on April 19, 2005

CHICAGO-First Union Estate Equity and Mortgage Investments is providing Chicago-based Marc Realty $75 million in secured mezzanine loans for 25 Chicagoland properties. Marc Realty, known for acquiring and renovating dated office facilities currently employs 300 people and owns 40 buildings with more than 10 million sf of commercial office space in Chicago and its suburbs.

“With this investment First Union has gained a significant presence in a real estate market which we believe to be undervalued at an attractive price along with an opportunity to partner with one of the leading Chicago office owners and managers,” says Michael L. Ashner, First Union’s chief executive officer. “This transaction is consistent with First Union’s plan to continue to grow and diversify its asset base through an opportunistic value investment strategy.”

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