Pedersen & Houpt Client Acquires Historic Downtown Building
Pedersen & Houpt represented Aries Capital in its recent $9.7 million purchase of the historic Chicago Motor Club building, located at 68 E. Wacker in Chicago. Aries was the mezzanine lender to the former owner, which ultimately defaulted and filed for bankruptcy after Aries filed a foreclosure lawsuit. Ultimately, the bankruptcy court put the building up for auction and Aries was the successful bidder. Aries intends to preserve the art deco lobby and facade, while renovating the building into a new boutique hotel. The Holabird & Root designed building is in the process of being landmarked, at which point it will be eligible for substantial historic tax credits. Pedersen & Houpt attorneys, Larry Byrne, Michael Sullivan and Bryan Minier, represented Aries in the foreclosure, bankruptcy and acquisition and continues to represent Aries in its redevelopment efforts.
This acquisition and renovation transaction was recently referenced in this REJblog article: http://rejblog.com/2011/10/14/aries-capital-takes-on-renovation-of-architectural-gem/.
In addition to the Aries transaction, Pedersen & Houpt has successfully handled many complex redevelopment projects involving, among other things, historic tax credits, debt restructurings and vertical subdivisions.