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Citadel Center Lands Downtown Chicago’s Largest Refi of 2020
A venture of Angelo, Gordon & Co. and Hines Interests last month took out a $320-million mortgage on Citadel Center at 131 S. Dearborn St. from BayernLB, Crain’s Chicago Business reported. It’s the largest new mortgage this year tied to an existing downtown office property, Crain’s Reported, citing Real Capital Analytics.
The new debt also includes a mezzanine loan from Brookfield Asset Management valued at around $128 million, according to sources familiar with the debt. Angelo Gordon and Hines also committed $50 million in new equity to the property, a source confirmed.
However, the new loan, which replaces $472 million in debt, represents a smaller payday than the owners of the 1.5 million-square-foot office property had hoped for 18 months ago. At that time, they put the 37-story property on the market with a pricing target of up to $750 million.
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