Moceri + Roszak secured a $71.4 million construction loan for the office tower it’s building in the Loop, a shift in focus for the multifamily developer.
Financing for the 20-story building comes from the Multi-Employer Property Trust, which is made up of 345 pension plans and is managed by Bethesda, Maryland-based NewTower Trust Company.
Chicago-based Moceri + Roszak landed a construction permit six months ago for foundation work on the building, at 145 South Wells Street, and work began last week.
The developer is a partnership of Convergint Technologies co-founder Dan Moceri, along with Michael Moceri and Thomas Roszak of Thomas Roszak Architecture, which is designing the building.
The high-rise, being built on spec, will have ground-floor retail and 24 parking spaces. It is being constructed on the site of a now-demolished four-story parking garage along the L tracks.
Moceri + Roszak bought the property in November 2016 for $7.1 million.
Among its other projects is the JeffJack apartment complex at 601 West Jackson Boulevard and the 33-story Linea apartment tower at 215 West Lake Street.
The Multi-Employer Property Trust has 100 investments worth more than $6.5 billion across the United States. Seattle-based Bentall Kennedy serves as its real estate investment adviser and investor relations provider.Recommend0 recommendationsPublished in