Habitat, a Chicago-based company, has recently completed the refinancing of Columbus Plaza. This 47-story high-rise apartment building is located in downtown Chicago and consists of 534 units.
Working with its partners, Habitat was able to secure a new $72.9 million loan from Freddie Mac through Northmarq. Additionally, New York-based Torchlight Investors joined as an equity partner by providing $29.5 million in new equity for the property.
The previous loan for Columbus Plaza was worth $93 million and matured in November of last year. With this new financing structure in place, Habitat and its partners can now focus on making necessary renovations and improvements to the property at 233 E Wacker Drive. As the original developer of Columbus Plaza, Habitat will continue to manage the building.
According to Matt Fiascone, president of Habitat: “While some owners may have defaulted on similar challenges resulting in properties being taken over by lenders…we took proactive steps to make our lenders whole.” He also noted that this successful refinance is one of the largest multifamily deals completed in Chicago within the past year.
This news was originally reported by Connect CRE.
