Multifamily Midwest

Joint Venture gets $125M loan to refinance The Tides at Lakeshore East

2016-Tides

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 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.

The Tides at Lakeshore East 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.

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.