Brief
Santander Bank, Washington Capital Provide $113M Debt for Chicago Office Conversion
Commonwealth Development Partners and Triangle Capital Group have secured $113 million to finance the conversion of an empty 25-story office building at 500 North Michigan Avenue into 384 mixed-income
Summary
Commonwealth Development Partners and Triangle Capital Group have secured $113 million to finance the conversion of an empty 25-story office building at 500 North Michigan Avenue into 384 mixed-income rental apartments in downtown Chicago.
Santander Bank provided $71.
5 million of non-recourse construction debt, while Washington Capital Management provided $41.5 million of joint venture equity. JLL […]
Source
- Commercial Observercommercialobserver.com
