Press release from Business Wire
Prudential Mortgage Capital Company provides $105 million financing for Chicago office tower
Thursday, January 31, 2013
Prudential Mortgage Capital Company provides $105 million financing for Chicago office tower10:00 EST Thursday, January 31, 2013
CHICAGO (Business Wire) -- Prudential Mortgage Capital Company provided a $105 million loan to
Multi-Employer Property Trust as advised by its real estate advisor,
Bentall Kennedy, to finance 200 West Madison, a 928,000-square-foot
office tower in Chicago. Prudential Mortgage Capital Company is the
commercial mortgage lending business of Prudential Financial, Inc.
(NYSE:PRU).
The 10-year, fixed-rate loan is a first mortgage for MEPT on the
property. Originally constructed in 1983 and significantly renovated
over the last several years, the 45-story tower stands on the eastern
border of Chicago's West Loop, with access to major commuter
transportation lines and area highways. The LEED® Silver and
Energy Star certified building is within walking distance to the Ogilvie
Transportation Center and Union Station. Dave Hendrickson and Keith
Largay, of Jones Lang LaSalle's Chicago office, arranged the transaction.
“This building's quality and central location, combined with the quality
of the sponsorship, made this transaction extremely attractive,” said
Sarah Teunis, a director with Prudential Mortgage Capital Company's New
York City office who led the transaction in partnership with Bryan
McDonnell, a principal with Prudential Mortgage Capital Company's
Arlington, Va., office.
The building, leased as a multi-tenant tower, offers floor-to-ceiling
glass perimeters that allow for unobstructed views from all floors on
the east and south sides. A sawtooth façade with a dramatic three-story
glass atrium provides maximum natural light and allows for up to eight
corner offices or conference rooms. The building also offers such
amenities as a staffed fitness center, tenants-only conference room, and
a major coffee retailer on-site.
Prudential Mortgage Capital Company is a national full-service,
commercial and multifamily mortgage finance business with more than
$72.67 billion in assets under management and administration as of
September 30, 2012. Leveraging a 135-year history of real estate
finance, the company offers one of the most comprehensive lines of real
estate finance products and originates loans for Fannie Mae DUS®,
Freddie Mac Program Plus® and specialized affordable housing programs;
FHA; Conduit; Prudential's general account and proprietary balance sheet
program; and other institutional investors. The company maintains a loan
servicing portfolio of approximately $69.42 billion, as of September 30,
2012. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with
approximately $1.005 trillion of assets under management as of September
30, 2012, has operations in the United States, Asia, Europe, and Latin
America. Prudential's diverse and talented employees are committed to
helping individual and institutional customers grow and protect their
wealth through a variety of products and services, including life
insurance, annuities, retirement-related services, mutual funds and
investment management. In the U.S., Prudential's iconic Rock symbol has
stood for strength, stability, expertise and innovation for more than a
century. For more information, please visit http://www.news.prudential.com/
Prudential Financial, Inc.John Chartier, 973-802-9829john.chartier@prudential.com
