Blue Star and its partner, Wolcott Group, secured $99.5M in financing.
Blue Star Properties’ The National, in the former CPS HQ at 125 S Clark St, is one of the most anticipated downtown adaptive reuse projects of 2016. With the project now in its final stages, Blue Star and its partner, Wolcott Group, secured $99.5M in financing.
The floating rate loan was secured through Brookfield Real Estate Partners and Bank of the Ozarks. Proceeds will be used to pay off existing financing, complete renovations on the 20-story office project and fund leasing capital. HFF’s Christopher Carroll, Michael Kavanau and Christopher Knight repped the JV.