Historic Loop Building Begins Transformation as Wacker Place Residential Conversion Secures $90 Million in Funding

By Socialhood News · Il/Chicago/The Loop ·

Construction has officially begun on a major transformation in The Loop as the historic 25-story art deco tower at 65 E. Wacker Place undergoes conversion from offices to residential apartments. Originally constructed in 1928 as the Millinery Mart Building that once housed many of Chicago's premier hat makers, the building is now being reimagined as Wacker Place, a modern residential community.

"Projects like Wacker Place demonstrate the potential of adaptive reuse to reenergize Chicago's historic core," said Adam Friedberg, CEO of Mavrek Development, which is partnering with ACRES Capital on the project. The development team recently secured more than $90 million in financing, including a $62.4 million senior loan from Derby Lane Partners, an

1 million loan from Hoyne Savings Bank, and
7 million in federal and Illinois historic tax credits. The project is also targeting certification under the National Green Building Standard (NGBS), highlighting its commitment to sustainability.

When completed, Wacker Place will feature 252 luxury apartments with a mix of 105 studios, 105 one-bedrooms, and 42 two-bedrooms, with 51 units designated as affordable housing at 60% AMI. Residents will enjoy amenities including a co-working lounge, fitness center, and a rooftop deck overlooking the Chicago River. Morton's The Steakhouse will continue operating on the ground floor, maintaining a beloved dining destination in the building. The first residences are expected to welcome occupants in Spring 2026, breathing new life into this iconic Loop landmark.

Sources:
1. https://chicago.urbanize.city/post/construction-begins-wacker-place-residential-conversion
2. https://yieldpro.com/2025/10/wacker-place
3. https://chicago.urbanize.city/post/developers-secure-funding-and-permit-office-residential-conversion-65-e-wacker