In the ever-shifting landscape of commercial real estate, success often hinges on timing, strategic foresight, and the ability to adapt to market turbulence. Recently, a Shapack Partners-led venture secured a significant $247 million refinancing for 167 North Green Street, the largest office building in Chicago’s Fulton Market district. This transaction stands out as a rare and noteworthy win for downtown office owners, a sector grappling with the twin challenges of remote work trends and a surge in distressed commercial debt. The joint venture, involving Shapack Partners along with Focus Development and Walton Street Capital, is set to close a five-year, interest-only loan this month. This new financing will retire a $232 million loan originated from Deutsche Bank in 2021, providing the owners with vital breathing room amid an uncertain interest rate environment and ongoing fluctuations in office space demand. At $387 per square foot, the refinancing reflects a careful balance b...