Meridian Capital Group arranges $58M senior and mezzanine financing for the Burnham Center
October 07, 2010 | Staff Writer | Print Article | Email this Article
Meridian Capital Group, LLC, a commercial real estate finance and advisory firm, negotiated $58 million in permanent financing for the 22-story Burnham Center, located at 111 W. Washington Street in Chicago. 
The 579,800-square-foot office building is owned by the Harbor Group, a global real estate investment firm that owns 14 million square feet of office, retail, hotel and multifamily properties.
Meridian arranged the $46 million first mortgage loan and a $12 million mezzanine loan to recapitalize the property’s outstanding first mortgage note and preferred equity investment. The senior loan was provided by Wells Fargo and the mezzanine loan was provided by Redwood Trust. Meridian worked closely with the Harbor Group to tailor the financing package to support the borrower’s business plan for the property. Meridian Managing Director Ronnie Levine and Tal Savariego negotiated this transaction.
Originally designed by the architecture firm Daniel H. Burnham & Company in 1914 as the Conway Building, the Burnham Center is aesthetically distinctive and features an ornate façade that has earned it recognition on the National Register of Historic Places. Located in the heart of Chicago’s Central Loop, the building is within walking distance of state and federal courts, county and state government centers, the LaSalle Street Financial District, and the State Street Retail Corridor. Its prominent architecture and proximity to Chicago’s government center are highly attractive to tenants who conduct business with government agencies and the courts that are located within steps of the building.
Tags | Chicago, finance, Harbor Group, LLC, Meridian Capital Group
© 2012 Real Estate Communications Group. Duplication or reproduction of this article not permitted without authorization from the Real Estate Publishing Group. For information on reprint or electronic pdf of this article contact Mark Menzies at 312-644-4610 or menzies@rejournals.com
This project seems as though it is going to be a success , but doesn’t seem to solve one of the main problems that Commercial office space chicago. According to reisreports.com, the industry needs to recover from the demand side.