Northlight Capital Partners and Condor Partners Announce Refinancing & Future Funding for Mural Park
CHICAGO--(BUSINESS WIRE)--Condor Partners and Northlight Capital Partners, with JP Partners brokering the deal, are pleased to announce new funding for Mural Park, a 200,000-square-foot, Class A office project in Chicago, Illinois. The loan, provided by Northlight Capital Partners, will refinance the existing debt, provide funds to support the continued lease-up of the project, and expand parking for the building.
This redevelopment project has transformed two historic industrial buildings into modern, Class A brick-and-timber loft office buildings designed for today's modern tenants.
"Beginning in 2024, Northlight began looking at the office credit market as a compelling special situation investment opportunity," said Ben Gerig, Chief Executive Officer of Northlight Capital Partners. "We are excited to work with Condor and look forward to bringing capital to Mural Park as they continue to execute on their business plan and lease up strategy."
Mural Park is located in Chicago's historic Pilsen neighborhood – named one of the world's 12 coolest neighborhoods by Forbes in 2019. This redevelopment project has transformed two historic industrial buildings into modern, Class A brick-and-timber loft office buildings designed for today's modern tenants. Since opening in 2019, Mural Park has leased 150,000 square feet of office space, including over 130,000 square feet since the onset of the COVID-19 pandemic. Tenants include HCSC (Blue Cross Blue Shield Parent), One Hope United, Noble Charter Schools, Relay Graduate School of Education, Puratos, OneSix Solutions, Eversight, and 5 Rabbit Cerveceria.
'The genesis of this project was anchored in community engagement, public benefit, and a commitment to positive, regenerative impact,' said Michael McLean Jr, Partner at Condor Partners. 'The result is a resilient and successful project that continues to defy the market and attract tenants. We greatly appreciate Northlight's ability to look past the noise and recognize the unique way Condor approaches development. Our investment in communities shifts the dynamics, and ultimately delivers stronger, more meaningful results.'
Mural Park recently welcomed One Hope United, a nonprofit organization serving over 10,000 children and families annually across Illinois and Florida, with more than 800 employees and 9 locations. The organization took possession of 14,000 square feet of custom-built space in March, bringing the project to 75% leased and occupied. Additionally, 5 Rabbit Cerveceria is now under construction of a 12,000sf restaurant and mircrobrewery after years of pandemic-related delays. 'We are excited to reintroduce Mural Park to tenants seeking standout office space in Chicago,' said Konstantine Sepsis, Avison Young. 'Its continued leasing, even through challenging times, is a testament to the truly special nature of this project.'
About Northlight Capital Partners, LLC
Northlight Capital Partners, LLC ('NCP') is a middle-market real estate credit specialist and fund manager headquartered in Westport, CT. The company manages capital on behalf of various institutional, endowment and family office clients. Since 2011, NCP has managed and advised on investment vehicles totaling more than $500 million of capital, originating special situation debt and preferred equity and acquiring sub and non-performing loans. For more information, please visit https://nlightcp.com.
About Condor Partners
Condor Partners, a boutique development firm with over 100 years of combined experience, goes beyond creating structures. We're passionate about building vibrant communities. We seek unique opportunities to uplift neighborhoods, ethically revitalizing existing landscapes while pioneering new and innovative ones. For more information, please visit www.condorpartners.net.
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