CBRE Secures $125M Refi for The Tides at Lakeshore East
- Mar 18, 2016
Working on behalf of a joint venture between Magellan Development Group and the AFL-CIO Building Investment Trust, CBRE placed the 10-year, fixed-rate, full-term interest-only loan for The Tides at Lakeshore East with a life company lender. Peter Marino and Molly Green in the broker’s Chicago office secured the loan on behalf of the borrower.
“The lending markets aggressively pursued the financing for the Tides due to the strength of the ownership/management team and the consistent operating history of out-performing the market,” Marino said in a statement. “The forward commitment allowed the borrower to remove the interest rate risk in this volatile market.”
Located at 360 E. South St., in the heart of downtown Chicago, the 51-story, 759,620-square-foot community features a plethora of amenities. Designed by Loewenberg Architects and developed by Magellan, the tower incorporates a 397-stall parking garage, 4,400 square feet of ground-floor retail space, fitness and business centers, outdoor pool and sundeck, landscaped terrace, electric car charging stations, and the exclusive Shore Club, among others.
The Tides is the second luxury rental tower completed at Magellan’s 28-acre Lakeshore East development currently in the works in the Near East Side. The masterplan calls for the development of several luxury condominium and high-end apartment high-rises, along with 24 ultra-luxury townhomes, retail space and a 6-acre park. Lakeshore East is home to some of the Windy City’s tallest buildings, including Jeanne Gang’s Aqua tower and 340 on the Park.