Moceri + Roszak secures $71M construction loan for Loop office tower

The 20-story high-rise is being built on spec and marks a new direction for the developer
By John O’Brien |
Research by Laura Hanrahan
May 29, 2018 12:00PM

Thomas Roszak and renderings of 145 South Wells Street and the JeffJack apartment complex (Credit: Thomas Roszak Architecture)

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.