A joint venture between AFL-CIO Building Investment Trust and Magellan Development Group has secured a $125 million loan in a refinancing of The Tides at Lakeshore East in downtown Chicago. Arranged by CBRE’s Capital Markets’ Debt & Structured Finance team. The instrument is for a 10-year fixed-rate, full-term interest-only loan. The 51 story mixed use luxury high-rise apartment tower has 608 units along with 4,400 sqf of ground floor retail space.
“The lending markets aggressively pursued the financing for the Tides due to the strength of the ownership/management team and the consistent operating history of out-performing the market. The forward commitment allowed the borrower to remove the interest rate risk in this volatile market,” said Pete Marino, Executive Vice President, Debt & Structured Finance, CBRE Capital Markets.
