Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced that it provided a $58.5 million first mortgage loan financing the acquisition and lease-up of 175 West Jackson Blvd., a 22-story office property totaling more than 1.4 million square feet, including a 240-space parking garage. The loan was structured with a $33.5 million ($24 rentable square feet RSF) initial advance at closing, and an additional $25 million reserved as a “good news” facility to fund future accretive leasing costs. The property is in Chicago’s Central Loop, occupying a full city block fronting Jackson Boulevard and Van Buren Street, and benefits from access to multiple CTA lines and the city’s primary commuter hubs.
The property was acquired by a joint venture between 601W Companies and David Werner Real Estate Investments, both repeat borrowers of Northwind. The financing facilitated the acquisition at a significantly reset basis, reflecting an approx
