55 East Monroe
55 East Monroe Street, Chicago, IL 60603
Property Overview
This investment represents a $55 million mezzanine loan for the refinance of the office parcel of 55 East Monroe a 49-story office and residential condominium building located within the East Loop submarket of Chicago’s central business district.
This investment was originated concurrently with a $210 million senior loan. The funds from this $265 million refinance were allocated to retire the existing loan for the office parcel, to transfer floors 35-39 to the office parcel and to provide tenant improvements, leasing commissions and building improvements.
The modified office parcel includes 1,202,503 square feet and includes the lower level retail, a majority of the first and second floors, seven out of nine parking garage levels and office floors 12-39.
Investment at a Glance
Location: Chicago, Illinois
Property Type: Class A Office
Investment Type: Mezzanine Loan
Acquisition Date: August 27, 2008
Loan Par Value: $55,000,000
Loan Term: 24 months
No. of Buildings: 1
No. of Stories: 49
Square Footage: 1,202,503
Leased Percentage (at the time of Acquisition): 87%
