BOSTON, Oct. 10,
2023 /PRNewswire/ - 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 potentially benefit from
opportunities where traditional financing supply is not meeting
market demand. The Fulton Street transaction is an example where we
swiftly developed a creative financing solution to capitalize 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
U.S., having posted positive net absorption in 10 out of the last
11 years, according to CoStar data, as of October 2023. The central Fulton Market site
benefits from proximity to Fulton Market's attractive amenities and
convenient access to major transportation nodes. Upon 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 will 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 U.S., 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.
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SOURCE Manulife Investment Management