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Pearlmark completes $24.2 million debt deal for Chicago office
The seven-story Fulton Market building at 1201 W Lake Street is 86% occupied, and the financing was originated for Pearlmark Realty Senior Mortgage Partners I, L.P.
Pearlmark has closed a $24.2 million debt investment tied to the acquisition of 1201 W Lake Street, a seven-story office building in Chicago, Illinois, ConnectCRE reports.
The property totals 141,771 square feet, and the investment was originated and structured for Pearlmark Realty Senior Mortgage Partners I, L.P., with Spear Street Capital acquiring the asset.
ConnectCRE says the building is currently 86% occupied and benefits from access to commuter rail lines, with proximity to the CTA Green and Pink Lines at Morgan Station, and nearby transportation hubs including Ogilvie Transportation Center and Union Station.
Pearlmark Managing Director Mark Witt, who led the transaction, said the firm was drawn to the Fulton Market location, the building’s institutional quality, and a business plan supported by a strong sponsor.