Mavrek Development And ACRES Commercial Realty Secure $90M Financing For 65 E. Wacker Place

The asset involved in this transaction is a development site located at 65 East Wacker Place in Chicago. The financing for this property totaled over $90 million, including a $62.4 million senior loan from Derby Lane Partners and an $11 million loan from Hoyne Savings Bank. Additionally, the financing package was supplemented by $17 million in historic tax credits monetized through PNC Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $90,000,000
• Lender: Adam Piekarski - Derby Lane Partners; Hoyne Savings Bank; PNC Bank
• Landlord: Adam Friedberg - Mavrek Development; Mark Fogel - ACRES Commercial Realty
• Brokers: Chris Knight - JLL

The deal was facilitated by Chris Knight from JLL, who arranged the debt for the conversion of the property. Mavrek Development and ACRES Commercial Realty played significant roles in the financing process. This collaborative effort contributed to closing the financing deal for the development site.