Square Mile Capital invests $260m in Chicago mixed-use development
Square Mile Capital Management has boosted its Chicago area presence by making a $260 million structured investment in the One Chicago Square development project.
The New York City–based firm, which is actively investing in both equity and debt opportunities across the country, has announced that it is capitalizing local developer JDL Development Corp. and Wanxiang America Real Estate in connection with their 76-story, 1.5 million-square-foot mixed-use tower in the city’s prime River North submarket. The project’s total cost is expected to be $850 million.
Square Mile Capital managing director Matt Drummond said, “A large part of what is fueling our growth is our unique ability to take on attractive situations that call for complex ownership and debt structures. The One Chicago Square development is a perfect example. We saw this as a great opportunity to provide a structured investment in a development project that is extremely promising, given the ongoing l