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| Michael Kavanau |
CHICAGO, IL – December 19,
2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged a $209 million construction loan for the development of 110 North
Carpenter, the 567,000-square-foot future global headquarters of McDonald’s
Corporation located in Chicago’s Fulton Market District.
HFF worked on behalf of
the developer, a partnership comprising Sterling Bay and institutional
investors advised by J.P. Morgan Asset Management, to place the construction
loan with Bank of America and Wintrust Financial.
HFF previously worked on behalf of the
developer to secure construction financing through Bank of America for the
Fulton West project, located six blocks northwest of 110 North Carpenter.
Scheduled for delivery in
Spring 2018, 110 North Carpenter will consist of 485,000 square feet of office
space as well as ground floor retail and underground parking. The building will
also feature private outdoor terraces and a rooftop deck.
McDonald’s Corporation will relocate from its
campus in Oak Brook to the nine-story creative office building, which will
occupy the site previously home to Oprah Winfrey’s Harpo Studios. 110 North
Carpenter is located just two blocks from the Morgan Street “L” station,
providing connections to every major line in Chicago.
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| Tim Joyce |
The building also has superior access to the
entire Chicagoland area being located less than one mile from Interstates 90,
94 and 290, Chicago’s primary interstates.
Additionally, tenant shuttle service to the two downtown commuter rail
stations will be provided from 110 North Carpenter.
The HFF debt placement
team representing the borrower was led by senior managing director Michael Kavanau, managing director Tim Joyce and associate director Christopher Knight.
“Due to the long-term
lease and investment grade credit profile of this development as well as the
best-in-class sponsorship and location, we received very strong interest from
the lending community and were able to deliver terms and conditions superior to
a traditional construction loan,” said Joyce.
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax
617.338.2150 | www.hfflp.com
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