Jul
25
Hines JV to Recapitalize Chicago’s Citadel Center
ByThe deal is reportedly the largest restructuring of a performing CMBS loan to date.
Citadel Center Chicago (on the right)
Chicago—In a move involving a $50 million equity investment, a joint venture between Hines and New York alternative investment adviser Angelo, Gordon & Co. has recapitalized 131 S. Dearborn, aka Citadel Center, in downtown Chicago, Hines announced late last week. The deal is reportedly the largest restructuring to date of a performing CMBS loan.
Dearborn Capital Group LLC, the seller of the 1.5 million-square-foot, 37-story, Class A office tower, reportedly was in a tough situation following the decision by name tenant Citadel Investment Group to slash its space by 100,000 square feet and the pending relocation of law firm Seyfarth Shaw, which occupies 308,000 square feet, to the Willis Tower…
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