Essex Capital Markets Arranges $2,950,000 Loan For Acquisition Of 222 South Morgan Street Office

222 South Morgan Street is a five-story, 39,339 square foot timber-loft office building located in the Chicago market. The property is currently a partially occupied multi-tenant office building that is set to be converted into 47 residential units.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $2,950,000
• Loan Type: Acquisition
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Address: 222 South Morgan Street
• Market: Chicago

Essex Capital Markets arranged $2,950,000 in acquisition and pre-development financing for the property. The financing structured was a floating-rate, interest-only facility with a limited several-recourse guaranty, closing with a relationship-driven regional bank positioned to underwrite the property's future use as residential rather than its current office occupancy.