CHICAGO—Holliday Fenoglio Fowler, LP has just secured $78 million in construction financing for the development of Fulton West Phase II, a nine-story, 290,699-square-foot building in Chicago's West Loop. Upon completion in 2017, the project will play an important role in the once-industrial neighborhood's transformation into a creative office center.
HFF worked on behalf of the developer, a partnership comprising Sterling Bay and institutional investors advised by JP Morgan Asset Management, to place the construction loan with Bank of America.
Sterling Bay has led the area's renaissance with its renovations of several underutilized buildings. As reported in GlobeSt.com, last December the company landed the first tenant for the Fulton West project, located at 1330 W. Fulton. Skender Construction decided to lease 30,000 square feet, joining Sterling Bay, which has leased a full floor there for its new headquarters. Officials from both firms expect to move from their current locations in mid-2017.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
