Finance N Illinois

Cohen Financial originates $22M acquisition loan for Pilsen office/retail property

Cohen Financial originates 22M acquisition loan for Pilsen officeretail pro,ph01

Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, arranged a $22 million loan with a pension fund for the acquisition of Lacuna Lofts in the Pilsen neighborhood of Chicago. The borrower is a partnership between Ameritus and JBG Property, long-time Cohen Financial clients.

Michael Hart, managing director, and Ryan Morris, vice president, in the Chicago office arranged the loan, which closed on August 1. The 220,000-square-foot Lacuna Lofts includes office, retail and event space for rent plus on-site parking. The vintage timber loft building—once the world’s largest macaroni factory—is located in an area that is rapidly gentrifying. The bridge loan provides capital to enhance the base building, tenant improvements and expansion of the event space.

“Due to its prominent location in Pilsen, Lacuna Lofts offers exceptional value to its tenants given the property’s proximity to I-90 and the Chicago loop,” said Hart. “Lacuna Lofts’ event space income benefits from the rooftop deck’s availability, and the property’s stunning views of the city.”