Mavik Capital Lends $75M in Recap of Chicago Retail Property

A joint venture between Farpoint Development and Saxony Properties has landed a $75 million loan as part of  the recapitalization of a newly acquired Chicago retail asset, Commercial Observer can first report.

Mavik Capital provided the senior mortgage for the sponsorship’s 117,400-square-foot property at 830 North Michigan Avenue along Chicago’s Magnificent Mile, sources told CO. The loan will provide capital for the co-developers to enact tenant improvements and leasing commissions for completing lease-up, according to sources. 

Farpoint Development and Saxony Properties acquired the then-vacant property for $40 million from Brookfield in 2023 two years after the it was left empty by the exit of Japanese clothing chain Uniqlo, The Real Deal reported at the time. The acquisition was a steep discount compared to the $166 million Brookfield subsidiary GGP paid for the property in 2013. 

The owners of 830 North Michigan Avenue inked a lease late last year from J.P. Morgan Chase for a flagship branch comprising 11,000 square feet across two floors, Urbanize Chicago previously reported. Hotel Chocolat, a British chocolatier and subsidiary of Mars, also leased 4,000 square feet in November 2025 for a flagship store.

Representatives for Mavik Capital, Farpoint Development and Saxony Properties did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.