October 10, 2023
Manulife Investment Management provides mezzanine financing for 373,000 SF mixed-use property in Chicago
BOSTON—Manulife Investment Management has announced that it has 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 benefit from opportunities where traditional financing supply isn’t meeting market demand. The Fulton Street market transaction is an example where we swiftly developed a creative financing solution to capitalize on the opportunity and facilitate construction of a high-quality asset in an irreplaceable location,” said Marc Feliciano, global head of real estate for Manulife Investment Management.
Fulton Market is one of the strongest office submarkets in the United States, having posted positive net absorption in 10 out of the last 11 years, according to CoStar data. The central Fulton Market site benefits from proximity to Fulton Market’s attractive amenities and convenient access to major transportation nodes. On completion in 2025, 919 on Fulton will feature 350,000 square feet of trophy office and 23,000 square feet of high-street retail.
“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’ll 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,” added Mr. Feliciano.
Manulife Investment Management's real estate platform provides investment solutions globally as part of its comprehensive private markets capabilities. As of June 30, 2023, its sustainably operated platform offers core, core-plus, and value-add strategies spanning over 73 million square feet of office, industrial, retail, and multifamily assets strategically across Canada, the United States, and Asia-Pacific. The real estate investment team leverages its global platform and regional market knowledge to identify opportunities and drive results for its investment clients.
Additional information about Manulife Investment Management's real estate capabilities can be found at manulifeim.com/institutional.
About Manulife Investment Management
Manulife Investment Management is the brand for the global wealth and asset management segment of Manulife Financial Corporation. Our mission is to make decisions easier and lives better by empowering investors for a better tomorrow. Serving more than 17 million individuals, institutions, and retirement plan members, we believe our global reach, complementary businesses, and the strength of our parent company position us to help investors capitalize on today’s emerging global trends. We provide our clients access to public and private investment solutions across equities, fixed income, multi-asset, alternative, and sustainability-linked strategies, such as natural capital, to help them make more informed financial decisions and achieve their investment objectives. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.