Winthrop Realty Trust has announced that the existing mortgage loan secured by the 942,000-square-foot, office and retail property located at One South State Street in downtown Chicago has been refinanced.
The new loan replaces a $110.8 million loan that bore interest at 11 percent per year with a new $113.5 million loan that bears interest at a rate of 3.95 percent per year. The new loan requires payments of interest only and matures November 2018.
Winthrop holds this property through a venture in which it currently holds an approximately 35 percent equity interest. Winthrop also holds the mezzanine loan indirectly secured by the property that has an outstanding balance of principal and accrued interest of approximately$56.15 million and which bears interest at 15 percent per year.
The property is currently 83.2 percent occupied and has current annual projected net operating income of approximately $13.5 million. Retail anchor tenants include Target and DSW Shoe Stores and office major tenants include The Art Institute of Chicago, the Illinois Department of Employment Security and Walgreens E-Commerce Institute.
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