Thor Equities lands $144M construction loan for new tower

Bank of Nova Scotia provided the debt on the 18-story building at 800 W. Fulton St.

Dec.December 05, 2019 10:03 AM
Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

A development team led by Thor Equities secured a $144 million construction loan for its spec office tower in Fulton Market, The Real Deal has learned.

Bank of Nova Scotia provided the fixed-rate, five-year loan.

Thor Equities began assembling properties for the 18-story office and retail tower in 2016, when it bought 800 W. Fulton Market for $36 million. Thor purchased the final parcel of land for the project in 2018.

QuadReal Property Group is a partner in the project, which broke ground last month. It is expected to be completed and open in 2021. Original plans showed a 20-story office complex there, but that was trimmed following closed-door discussions with neighbors.

This new building, designed by Skidmore, Owings & Merrill features a staircase of terraces up the side of the tower. Thor CEO Joe Sitt said the development was on track. The tower was “poised to be one of the most iconic buildings in Fulton Market and the city of Chicago,” he told TRD.

Fulton Market has been one of the city’s most popular neighborhoods, having attracted a high-profile tenants neighbors such as Google, Uber and the corporate headquarters of McDonald’s.

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