CHICAGO — Chicago-based developer Mavrek along with capital partner ACRES Commercial Realty Corp. have secured the financing needed to begin redevelopment of the Millinery Mart at 65 E. Wacker Place. The building opened in 1928 and, as its first use, served as centralized operations for the city’s hatmakers. In recent years, the 24-story Art Deco building has been occupied primarily by offices with ground-floor retail and restaurant space. Mavrek will redevelop the historic property into a 252-unit luxury apartment complex called Wacker Place. The contractor is McHugh Construction, and the architect is Pappageorge Haymes Partners. Completion is slated for 2026.
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 also includes more than $17 million in federal and Illinois state historic tax credits, which were monetized through PNC Bank. Chris Knight, managing director at JLL Capital Markets, represented the development team for the placement of the debt.
Wacker Place will offer a mix of studios, one- and two-bedroom residences with in-unit workspaces. Amenities will include a coworking lounge, fitness center and a rooftop deck with a vantage point atop the Chicago River. Morton’s The Steakhouse will continue its tenancy on the ground floor.