Business
Lionheart Strategic Management and Bank OZK Provide $215 Million in Funding to 601W Companies for Office Redevelopment in Chicago
The financing will be used to redevelop an office building at 801 South Canal Street in the expanding South Loop neighborhood of Chicago CHICAGO, Aug. 17,
About this update from Bank Ozk
[{"type":"text","content":"The financing will be used to redevelop an office building at 801 South Canal Street in the expanding South Loop neighborhood of Chicago \nCHICAGO, Aug. 17, 2022 /PRNewswire/ -- Lionheart Strategic Management LLC (Lionheart), an affiliate of Fisher Brothers that manages capital on behalf of third party investors, announced today that it originated a $67.6 million investment in the form of a mezzanine loan and preferred equity on behalf of Milestone Asset Management. The investment sits behind a $147.5 million senior loan from Bank OZK and was provided to 601W Companies. The financing will be used to redevelop 801 South Canal Street into a modern and highly amenitized 700,000 square foot office building located near Union Station in the vibrant Southwest Loop neighborhood of Chicago, Illinois.\n\"As the West Loop neighborhood of Chicago continues to attract new companies and residents, we are thrilled to support 601W in their vision of redeveloping 801 South Canal Street and to further strengthen our relationship with Bank OZK,\" said Sang Kim, Lionheart Strategic Management LLC.\n601W Companies plans to redevelop the Property, which is one block away from its $1 billion renovation of the Old Post Office building. The Old Post Office, which 601W Companies acquired in 2016, is now 95% leased and features a unique 3.5 acre urban rooftop oasis and an 18,000 square foot food hall.\nLionheart and Bank OZK recently announced its partnership to provide $150 million in funding to Two Roads Development for a residential development in Miami.\nAndy Klein and Sang Kim led the transaction for Lionheart Strategic Management.\nAbout Lionheart Strategic Management LLC\nLionheart Strategic Management, LLC was established in 2017 as the asset management vehicle for an affiliate of Fisher Brothers to manage investments for individuals of the firm and on behalf of third party investors seeking exposure to real estate strategies with a primary focus on top urban markets within the United States. For more information please visit http://www.lionheartstrategic.com/\nAbout Bank OZK\nBank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of pr...