FINANCEDOffice
Mark Witt Of Pearlmark Provides $24.2 Million Loan For Spear Street Capital's Office Acquisition In Chicago
1201 West Lake Street
$24,200,000
Building Size
—
Asset Type
Office
Closing
Jul 21, 2026
About this deal
AI
The office property located at 1201 West Lake Street in Chicago spans 141,771 square feet and is part of the Fulton Market district. The seven-story building is currently 86% leased and has secured a financing loan of $24.2 million.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $24,200,000
- Address: 1201 West Lake Street
- Market: Chicago, IL
- Lender: Mark Witt - Pearlmark
- Landlord: John Grassi - Spear Street Capital
Mark Witt from Pearlmark provided the financing for this transaction, while John Grassi represents Spear Street Capital as the landlord involved in the deal, facilitating the acquisition of the property.
On the Map
$24,200,000
Office
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Players
Chicago Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93