Wacker Place will become home to 252 luxury apartments

Mavrek Development and ACRES Commercial Realty Corp. have closed financing at 65 E Wacker Place, officially named Wacker Place. Located at the intersection of E. Wacker Pl and N. Garland Ct near the Chicago Riverwalk, it was originally constructed as the Millinery Mart Building and later home to the famed Esquire Magazine offices. 

The financing secured by the development team includes a $62.4 million senior loan from Derby Lane Partners and an $11 million loan from Hoyne Savings Bank. The project’s capital stack includes more than $17 million in Federal and Illinois State Historic Tax Credits, which were monetized through PNC Bank. These closings represent a major step forward in realizing the vision for Wacker Place. Check out Chicago Urbanize for further details!