Chicago-based Habitat has refinanced Columbus Plaza, a 47-story, 534-unit apartment high-rise in downtown Chicago.

Habitat and its partners secured a new $72.9 million Freddie Mac loan arranged by Northmarq, plus an additional $29.5 million in new equity from New York-based Torchlight Investors, which joins Habitat as an equity partner in the property.

The refinance replaces a $93 million loan from 2017, which matured in November. The new loan and capital structure allow Habitat and its partners to plan key renovations and other capital improvements to the property at 233 E. Wacker Drive. Habitat was the original developer of Columbus Plaza and continues to manage the property.

“While some owners facing similar challenges have defaulted, resulting in properties being taken over by lenders, Habitat and its investors took proactive steps to make our lenders whole by successfully executing one of the largest multifamily refinances in Chicago over the past year,” said Matt Fiascone, president of Habitat.

Register Today to “Be in the Room” when Michael Brennan receives Connect CRE’s Lifetime Achievement Award and will participate in the Keynote Interview with Kevin Brennan, also of Brennan Investment Group. Join us at Connect Industrial Midwest 2025 on the afternoon of Wednesday, March 5, at Joe’s Live in Rosemont, IL, for this exclusive presentation!