U.S. Bank Closes on $115 Million Loan for Chicago’s Prominent 111 W. Wacker

  U.S. Bank Closes on $115 Million Loan for Chicago’s Prominent 111 W. Wacker

Business Wire

CHICAGO -- September 26, 2012

U.S. Bank and Related Midwest announced today they have closed on the $115
million loan that will finance construction on 111 W. Wacker Drive, a 504-unit
apartment complex in downtown Chicago.

Originally planned to be the fifth-tallest building in Chicago, the prior
development reached a mere 25 stories before the economic recession halted
construction in 2008. The project has been sitting unfinished since then.

In July, 2011 Related acquired the building and announced plans to transform
the tower into a 60-story luxury rental building. Demolition is currently
underway and vertical construction is expected to start in early 2013 with
completion by the spring of 2014.

“In cities all over the country, U.S. Bank is working with customers like
Related to get the economy moving again,” said Don Pafford, Chicago commercial
real estate manager with U.S. Bank. “We are happy to see this project will
move forward and become a significant addition to the heart of Chicago.”

Related Midwest, a division of New York-based Related Companies, has recently
completed several developments in Chicago, including 340 On the Park, 840
North Lake Shore Drive, Park Tower, The Belvedere and The Pearson and is
currently developing 500 North Lake Shore Drive. .

Curt Bailey, President of Related Midwest said, “Related Midwest is pleased to
partner with U.S. Bank on the development of 111 West Wacker Drive. Chicago’s
rental market is strong and demonstrating healthy rent growth. Not only will
we bring greatly desired best-in-class luxury rental apartments to downtown
Chicago, but together we are creating hundreds of jobs and investing in the
future of our great city.”

U.S. Bank employs more than 1,600 people and has 88 branches in the Chicago
area.

U.S. Bank served as the lead lender on the deal. Bank of America served as the
syndication agent.

About Related Companies
Formed over 40 years ago, Related is a fully-integrated highly diversified
industry leader with experience in virtually every aspect of development,
acquisitions, management, finance, marketing and sales. Headquartered in New
York City, Related has offices and major developments in Boston, Chicago, Los
Angeles, Las Vegas, San Francisco, South Florida, Shanghai and Abu Dhabi and
boasts a team of approximately 2,000 professionals. The Company’s existing
portfolio of real estate assets, valued at over $15 billion, is made up of
best-in-class mixed-use, residential, retail, office, trade show and
affordable properties in premier high-barrier-to-entry markets.

About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and
non-credit financial solutions for real estate developers, REITs, and
commercial property owners across the United States. U.S. Bank offers such
services as construction/development lending, property acquisition lending,
refinancing, lines of credit, and syndications. With an employee base of 400
professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term
relationships designed to help American businesses grow.

About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $353 billion in assets as of
June 30, 2012, is the parent company of U.S. Bank National Association, the
fifth-largest commercial bank in the United States. The company operates 3,080
banking offices in 25 states and 5,085 ATMs and provides a comprehensive line
of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S. Bancorp and
its employees are dedicated to improving the communities they serve, for which
the company earned the 2011 Spirit of America Award, the highest honor
bestowed on a company by United Way. Visit U.S. Bancorp on the web at
www.usbank.com.

Contact:

U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731
nicole.sprenger@usbank.com
 
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