A joint venture of Oak Hill Advisors, Callahan Capital Partners and Affinius Capital is set to secure a $700 million commercial loan for the Bank of America tower located at 110 North Wacker, a 1.5-million-square-foot office building in Chicago, according to credit rating agency Fitch.

The joint venture purchased the building in 2021 from developers Riverside Investment & Development and the Howard Hughes Corporation. Deutsche Bank National Trust Co. will act as trustee, while Trimont LLC will act as servicer for the five-year, fixed-rate loan. JP Morgan Chase Bank, National Association, Bank of America, Wells Fargo Bank, Goldman Sachs Bank USA and Bank of Montreal will co-originate the funding.

Newmark’s Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Chris Lozinak, Ryan Sullivan and Tim Polglase are advising the JV.

Part of the proceeds will be used to refinance existing debt, as well as to repay $129.8 million of preferred equity. About $11.4 million will be used for closing costs, while $2.7 million will fund upfront reserves. Built in 2020, the building has 22,000 square feet of first-floor retail space.