Northwestern Mutual Provides $127M Refi For Luxury Chicago Apartment Tower

MetLife Investment Management and Allstate Investment have secured $127 million to refinance a 48-story, 444-unit, luxury apartment tower in Chicago’s Streeterville neighborhood, Commercial Observer has learned. 

Northwestern Mutual Life Insurance Company provided the five-year loan, while a JLL Capital Markets team of Danny Kaufman, Mary Dooley, Medina Spiodic, Tara Hagerty and Rebecca Brielmaier arranged the debt on behalf of the sponsors. 

Located at 465 North Park Drive in downtown Chicago, the multifamily complex opened in 2018 and is within walking distance of Navy Pier, Northwestern University’s medical campus, the famous Chicago Riverwalk, and the Michigan Avenue shopping district. 

Featuring more than 40,000 square-feet of amenities, the building hosts studios to three-bedroom units and includes a private tenant lounge with a fireplace, a fitness center, a work-from-home conference center, a sky deck, a rooftop pool and outdoor grilling, and a club room featuring views of Lake Michigan. 

Northwestern Mutual did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com