Continental Partners Secures Financing for Chicago Industrial Asset
- Mar 02, 2018
Continental Partners has secured a $7 million loan for the purchase of the Hudson Motor Building in Chicago’s South Loop. The buyer, KCI Co., plans to reposition the 115,000-square-foot asset into a Class A, mixed-use property which is expected to include office and retail space.
The interest-only bridge financing features a one-year term and an extension option for another year. KCI Co. plans to complete the first phase of the project within the first 12 months of the loan.
The building is located at 2222 S. Michigan Ave., a few blocks from Interstate 55. It is part of the McCormick Square entertainment district, an area which “is undergoing tremendous revitalization and is on track to become a new Chicago hotspot” according to Eugene Rutenberg, a director at Continental Partners, in prepared remarks.
According to Yardi Matrix data, the asset was completed in 1926 and upgraded in 2009. Last year, previous owner Echelon Capital bought it from A&S Enterprises for $5.8 million.
Image courtesy of Yardi Matrix