Goldman Sachs provides $304m in financing on Chicago’s AMA Plaza

Goldman Sachs is providing a $304 million financing package for the $467.5 million acquisition of AMA Plaza in the River North area of Chicago, Illinois.

HFF arranged the five-year, fixed-rate acquisition financing after marketing the property on behalf of Five Mile Capital Partners and procuring the buyer/borrower, Beacon Capital Partners.

Given the size of the financing, it’s possible that Goldman would seek to securitize the loan or perhaps seek additional lending partners, though HFF declined to comment and Goldman did not respond to requests for comment in time for publication.

The 1.2 million sq ft, 52-story, Class A, trophy office building on the Chicago River is home to the American Medical Association and 96-percent-leased to a tenant roster with a weighted average lease term of nearly 9.5 years. The LEED Gold-certified building includes an adjacent 902-stall parking garage and sits atop a separately-owned, 316-room, Langham Hotel (which was not part of the sale or financing to Beacon Capital Partners).

AMA Plaza was completely redeveloped with all new mechanical systems, elevators, HVAC, restrooms, corridors and a “Green Roof” through a recent $73.7 million base-building capital renovation.

HFF’s debt placement team representing the borrower was led by managing directors Christopher Carroll and Timothy Joyce.

Beacon Capital Partners, a 70-year-old private real estate investment firm engaged in real estate development, ownership and management, has raised eight investment vehicles totaling over $12 billion in equity since 1998, fueling 150 office investments with a projected total value of approximately $30 billion.