CHICAGO-Bank Hapoalim has granted a $75 million loan to Red Sea Group's subsidiary, Server Farm Realty Inc., to redevelop an eight-story office structure situated at 840 S. Canal Street as a data center. Server Farm purchased the property in the South Loop from Northern Trust Corp. in 2010 and started the $220-million redevelopment last fall.
As per the conversion plan, Server Farm upgrades the building's mechanical structure and constructs the first five floors to accommodate servers utilizing $70 million in equity. For the full story, go to Crain's Chicago Business .
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