Market Insights

Illinois Bank Tops CrediFi’s Q2 Ranking in Chicago, Gets Overshadowed by Willis Tower

 

Wintrust Financial Corp., the Illinois-based parent company of Wintrust Bank, Lake Forest Bank & Trust Company, Wheaton Bank & Trust and several other subsidiaries, was the top commercial real estate loan originator in Chicago in Q2, CrediFi found in its recent quarterly report. However, when we took a step back from the quarter and looked at the first six months of 2017, we found that Wintrust was outpaced by Goldman Sachs as the leading lender in the first half of the year, primarily due to a single large origination in the first quarter.

Along with Bank of America and Citigroup, Goldman Sachs originated $1.02 billion in Q1 financing for one of Chicago’s most famous landmarks: Willis Tower, formerly known as the Sears Tower.

As for Wintrust, the financial holding company originated nearly $300 million on over 60 CRE loans in Chicago in Q2 – 87% more than its Q1 origination.

But compared with Q2 2016, the holding company’s Chicago CRE origination dropped 12% by dollar amount.

One of the Chicago property loans originated by Wintrust Financial Corp. in Q2 came from Wintrust subsidiary Wheaton Bank & Trust, which issued a $23.5 million loan in April for the historic Weyland Building at 1970 N. Milwaukee Ave. That loan was replaced in Q3 by a loan from Principal Life Insurance, however. The facade of the property, initially slated to be demolished in the course of a planned multifamily development, will reportedly be incorporated in the design of the new project, should it survive demolition and reassembly.

To download the entire Chicago Lending Spotlight for Q2 2017, click here.

 

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