Guggenheim Commercial Real Estate Finance has provided a $47.5 million refinancing on a 1.1 million sq ft mixed-use historical landmark in the Windy City.
The seven-year, non-recourse loan was provided to an affiliate of Chicago-based real estate development firm The Prime Group, founded and chaired by developer Michael Reschke. The refinancing was secured by five floors of offices and street level retail space at the 208 South LaSalle building, 94 percent of which is currently leased.
The loan refinances a $35 million mortgage that was a part of a $321 million facility the owner acquired two years ago, according to Sonnenblick-Eichner, which arranged the deal.
The property encompasses a full city block in the center of downtown Chicago’s Financial District. Reschke renovated this historic building and converted the lower 12 floors of office space into a 610-room luxury JW Marriott hotel. Added to the National Register of Historic Places in 2007, the building was built in 1914 as the headquarters for the Continental and Commercial National Bank, which was one of the largest modern commercial office structures in the world at the time.
Guggenheim Commercial Real Estate Finance is a national commercial real estate lending business that sources, underwrites, funds and services commercial mortgages throughout the US, as an arm of the Guggenheim Partners company. The lender and borrower were not immediately available for comment.