Natixis Provides $105M CMBS Refi for Chicago Office Tower
By Cathy Cunningham November 16, 2017 3:20 pm
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Melohn Properties has scored a $105 million loan from Natixis to refinance 111 West Jackson Boulevard, a 567,531-square foot office building in Chicago’s Central Loop, Commercial Observer can first report.
Cooper-Horowitz’s Richard Horowitz and Jeffrey Horowitz negotiated the financing on behalf of Melohn Properties, while the Natixis team was led by Michael Magner, a managing director at the lender.
The deal closed yesterday, sources told CO.
Natixis’ ten-year, interest-only CMBS loan refinances an $80 million loan that was originated by J.P. Morgan in December 2012 and placed in the J.P. Morgan-sponsored JPMCC 2013-C10 CMBS transaction, according to Trepp data.
New York-based developer Melohn Properties purchased 111 West Jackson Boulevard from Berkley Properties for $135 million—or $242 per square foot—in December 2013, according to CoStar Group.
The 25-story building was erected in 1961, renovated in 2013 and includes 20,543 square feet of first-floor retail. Property amenities include a 5,600-square-foot fitness center, a 1,600-square-foot conference center and a 1,300-square-foot rooftop deck.
Tax preparation firm Harris & Harris is 111 West Jackson’s largest tenant, occupying 74,184 square feet on a lease that expires on Dec 31, 2022.
Cooper-Horowitz is having a busy year-end. In October the brokerage negotiated a $266 million acquisition loan—also from Natixis—for TriStar Capital and RFR Holding’s purchase of Centre 425, a 16-story office property in Bellevue, Wash., as well as a $92 million Wells Fargo loan to refinance a dormitory for The New School developed by Bhatia Development Organization and Sherwood Equities.
A spokeswoman for Natixis did not immediately return a request for comment. Officials at Melohn Properties could not immediately be reached for comment.
