CHICAGO – March 17, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has arranged a $125 million loan for the refinance of The Tides at Lakeshore East, a 608-unit, luxury high-rise apartment tower located in the heart of Downtown Chicago.
CBRE procured the 10-year fixed-rate, full-term interest-only financing with a life company lender. The low leverage financing also included a six-month forward commitment.
Pete Marino and Molly Green of CBRE’s downtown Chicago office arranged the financing on behalf of the borrower, a joint venture between AFL-CIO Building Investment Trust and Magellan Development Group.
“The lending markets aggressively pursued the financing for 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 Mr. Marino, Executive Vice President, Debt & Structured Finance, CBRE Capital Markets.
Located in one of the most desirable residential communities in the heart of downtown Chicago, The Tides at Lakeshore East is an award-winning, master planned, mixed-use development. This award winning community developed by Magellan Development Group is surrounded by Lake Michigan, the Chicago River, Millennium Park, and a six-acre park. The Class A property also contains high-end amenities, a parking garage and 4,400 square feet of ground floor retail space.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Magellan Development Group, LLC
Since its inception in 1996, Magellan Development Group has evolved into one of the most successful and respected developers of large-scale mixed-use properties and land planners in the United States. Magellan’s expertise spans the real estate industry in planning and design, construction management, development, development consultation, leasing, sales, marketing, and property management. This diversity provides Magellan Development Group the advantage and security of project authority from concept design to certificate of occupancy, and beyond. For more information, visit www.magellandevelopment.com.
