Manulife Investment Management provided a $120.1 million mezzanine loan on behalf of its clients for a construction financing package to develop 919 on Fulton, a Class A, 373,000 square foot office and retail project located in the Fulton Market district of Chicago.
The investment aligns with Manulife Investment Management’s strategic focus on global real estate credit opportunities as a growth driver for its business.
“The next few years should offer an attractive environment for private real estate credit. Investors will potentially benefit from opportunities where traditional financing supply is not meeting market demand. The Fulton Street transaction is an example where we swiftly developed a creative financing solution to capitalize the opportunity and facilitate construction of a high-quality asset in an irreplaceable location,” Marc Feliciano, global head of real estate for Manulife Investment Management, said. “This investment represents a key differentiator of the real estate business at Manulife Investment Management – the ability to work with partners to find solutions in challenging environments. We will continue to be opportunistic in markets where our team sees attractive positioning through the use of proprietary data and research partnered with the application of on the ground knowledge.”
