Chicago, Illinois

When fourth generation developer Draper & Kramer approached National with the opportunity to join in the very complex, adaptive reuse of one of Chicago’s most significant historic landmarks, National quickly brought to bear its sophisticated and flexible financing program.  The Palmolive Building, located in the prestigious North Michigan Avenue submarket of Chicago, was built in 1929 as an office building and is nationally recognized as one of the finest examples of Art Deco architecture in the U.S. The redevelopment plan involved multiple retail, office and commercial condominiums and sub-condominiums. Early in the Project, the events of September 11, 2001 interceded to make the Project even more difficult; however, the flexible capital structure engineered by National helped Draper & Kramer mitigate the negative economic impact on the redevelopment plan, ultimately resulting in one of the finest adaptive reuse projects in the world.