Retail N Illinois

HFF refinances retail building along Chicago's Mag Mile


HFF announced a $77 million refinancing for 545 and 555 N. Michigan Ave., which are two fully leased, adjacent, free-standing retail properties totaling 61,909-square-feet.

HFF worked on behalf of the borrower, ECA Capital to place the 10-year, fixed-rate loan with a fund managed by Apollo Global Management. Loan proceeds were used to refinance existing floating-rate mortgage. The building at 555 N. Michigan Ave. is Gap's Chicago flagship store and the building located at 545 N. Michigan Ave. is leased to Ugg.

HFF’s debt placement team was led by director Christopher Knight and managing director Timothy Joyce.