CIBC Bank Supplies $21M Refinance on 440 North Wells Street in Chicago
North Wells Capital has landed a $21 million refinance for a mixed-use Chicago office property, the company announced late Thursday.
CIBC Bank USA provided the senior loan for North Wells’ 440 North Wells Street, located in Chicago’s River North neighborhood. The eight-story asset is currently 97 percent occupied, with the office space anchored by Curo Technologies and retail anchored by Ligne Roset.
“We are very pleased with the refinancing execution at 440 North Wells, which is evident of the property’s strength as an office and retail destination,” North Wells Capital Principal Anthony Farella said in a statement. “Despite approaching the market at a time with fairly conservative lending parameters for office deals, 440 North Wells’ consistent outperformance and resiliency through the recent pandemic made it a highly attractive investment.”
The property is located a short walk from the Chicago Transit Authority’s Brown and Purple Line ‘L’ trains. North Wells has owned the building since 1996 in conjunction with Urban Solutions, which provides property management, leasing and construction services.
“The asset benefits from an irreplaceable location will continue to cater to growing and innovative tenants for many years to come,” Farella added.
Chicago-based CIBC Bank USA declined to comment.
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