CBRE Capital Markets has arranged a $125 million loan to refinance of The Tides at Lakeshore East, a 57-story, 608-unit, high-rise apartment tower in Downtown Chicago.
The 10-year fixed-rate, full-term interest-only financing was provided by a life company lender and the “low leverage financing” includes a six-month forward commitment, CBRE said in a statement. The borrower is a joint venture between AFL-CIO Building Investment Trust and Magellan Development Group. CBRE declined to name the lender.
“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 outperforming the market,” said CBRE’s Debt & Structured Finance Pete Marino, who arranged the deal with Molly Green out of CBRE’s downtown Chicago. “The forward commitment allowed the borrower to remove the interest rate risk in this volatile market.”
The 760,000 sq ft Tides is the second rental building that’s part of the master planned Lakeshore East mixed-use development from Magellan. It is near Lake Michigan, the Chicago River and Millennium Park; and it includes a parking garage and 4,800 sq ft of ground floor retail. The tower was completed in 2009 with a $98 million price tag, according to the website of the construction company behind the property, Walsh Construction