August 14, 2019
SunTrust Bank’s Cohen Financial division arranged a $22-million loan with a pension fund for the acquisition of Lacuna Lofts in the West Side’s Pilsen neighborhood. The borrower is a partnership between Ameritus LLC and JBG Property. Jameson Commercial’s John Scuras arranged the sale.
The 220,000-square-foot Lacuna Lofts includes office, retail and event space for rent, along with onsite parking. The vintage timber loft building was once the world’s largest macaroni factory. The bridge loan provides capital for enhancing the base building, making tenant improvements and expanding the event space.
Michael Hart and Ryan Morris, both with Cohen Financial’s Chicago office, arranged the loan. “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.”
Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny