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Chicago & Midwest  + Downtown  + Finance  | 

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.

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JLL’s LargayJLL’s Kaufman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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