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/