Michigan Ave. Tower Scores $150M Refi
MILA, an upscale 402-unit property in Chicago’s East Loop, was developed by a joint venture led by John Buck Co. Proceeds will refinance the construction loan.
By D.C. Stribling
MILA, a 41-story apartment tower on Michigan Avenue in Chicago has obtained $150 million in financing. The loan, arranged by HFF, will refinance the original construction funding. The brokers worked on behalf of a joint venture between developers John Buck Co., Becker Ventures and funds managed and/or advised by Partners Group to secure the floating rate loan through Quadrant Real Estate Advisors. The refi enables Buck and its partners to pull about $60 million out of the property.
MILA is located at the northwest corner of Michigan Avenue and Lake Street in East Loop, the densest part of Chicago. Designed by bKL Architecture, with interiors by Philip Koether Architects, the LEED Gold-certified property includes 402 units and 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel.
Completed in May 2016, the property offers a rooftop pool and sundeck, urban garden with grilling stations, fire pits, outdoor TVs and game room with tech bar. The property also includes a fitness center, pet salon with outdoor dog run, concierge service and an enclosed parking garage.
The HFF debt placement team was led by Managing Director Danny Kaufman and Director Jimmy Conley.
Image courtesy of bKL Architecture