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Hines JV Refis River North Tower for $296M
JLL Capital Markets arranged a $296-million refinancing for 321 N. Clark, a 936,240-square-foot trophy office tower in downtown Chicago’s River North submarket. A JLL team of senior managing directors Keith Largay and Danny Kaufman, with support from analyst Michael Haibach, worked on behalf of a joint venture of Hines, American Realty Advisors and Diversified Real Estate Capital. The five-year, floating-rate loan came from Nuveen Real Estate.
The 35-story office tower was originally built in 1987 and underwent an $85-million renovation in 2019. The updates included reimagining and renovating the lobby and incorporating a four-tier riverfront restaurant and event space operated by Lettuce Entertain You.
“As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” said Largay.
- ◦Financing
