**$700M Refinancing Secured for Bank of America Tower in Chicago**
A joint venture comprising Oak Hill Advisors, Callahan Capital Partners, and Affinius Capital is set to secure a $700 million commercial loan for the Bank of America Tower, located at 110 North Wacker Drive in Chicago.
Newmark’s debt and structured finance team — including Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Chris Lozinak, Ryan Sullivan, and Tim Polglase — is advising on the transaction. The loan proceeds will be used to refinance existing debt and repay $129.8 million in preferred equity. Additionally, $11.4 million will be allocated for closing costs, and $2.7 million will be used to fund upfront reserves.
Completed in 2020, the building features 22,000 square feet of retail space on the first floor. The sponsorship is pursuing both floating- and fixed-rate financing proposals over a five-year term, backed by stable cash flows and a weighted average lease term (WALT) of 9.4 years.
The 110 North Wacker property is currently 98% occupied. Anchor tenants include Bank of America, Lincoln International, Brookfield, Morgan Lewis, Jones Day, and King & Spalding.
