Manulife provides mezzanine financing for 373,000 sf mixed-use property in Chicago
Manulife Investment Management announced that it has provided a $120.1 million mezzanine loan on behalf of its clients for a construction financing package to develop 919 on Fulton, a class A, 373,000-square-foot office and retail project located in the Fulton Market district of Chicago.
The investment aligns with Manulife Investment Management's strategic focus on global real estate credit opportunities as a growth driver for its business.
Fulton Market is one of the strongest office submarkets in the United States, having posted positive net absorption in 10 out of the last 11 years, according to CoStar data, as of October 2023. The central Fulton Market site benefits from proximity to Fulton Market's amenities and convenient access to major transportation nodes. Upon completion in 2025, 919 on Fulton will feature 350,000 square feet of trophy office and 23,000 square feet of high-street retail.