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Convexity Properties secures $45M refi on Fulton Market home of The Publican
Loan comes 2 months after Convexity was approved for $750K in interior renovations on the property that includes several other restaurants
Convexity Properties has refinanced its Fulton Market restaurant property, a former meatpacking warehouse that is now home to The Publican and Duck Duck Goat, two of the most recognized landmarks in the district’s growing culinary scene.
Bank of America provided the $45 million loan on the 58,000-square-foot space, according to Cook County property records.
Convexity, a Chicago-based real estate investment firm, is planning a $750,000 interior renovation of the three-story Italianate brick building at 833 West Fulton Market. It was approved for the work in November.
Convexity purchased the property in 2013 from a land trust at an undisclosed price, records show. Convexity spent more than $1 million on renovations between 2014 and 2015, according to city buildings department records.
In addition to The Publican and Duck Duck Goat, which are respectively owned by One Off Hospitality Group and celebrity chef Stephanie Izard, tenants include Gus’s Famous Fried Chicken and Emporium Fulton Market.
Convexity owns another renovated meatpacking warehouse directly across the street, at 832 West Fulton Market, whose tenants include Kuma’s Corner and Beatrix, and the bar Punch Bowl Social.
The two squat buildings represent the only Fulton Market outposts for Convexity, whose 35-property portfolio is mostly spread across Bucktown and the Near North Side. The company is also partnering with Riverside Investment & Development on its $900 million redevelopment of Union Station.
The rehabbed warehouses are adjacent to Shapack Partners’ newly-built office building at 811 West Fulton Market and around the corner from the 19-story office tower being built by Sterling Bay at 333 North Green Street.
Representatives for Convexity could be reached for comment.