Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
KBS Secures $375M Refi on Accenture Tower
KBS secured a $375-million refinancing loan for Accenture Tower, the 40-story, 1.46-million-square-foot office tower owned by KBS REIT III and located at 500 W. Madison in Chicago’s West Loop. It was the largest of three refis KBS obtained during the fourth quarter, with others covering properties on the East and West Coasts.
The loan consists of a 75% term loan and 25% revolving loan with a three-year initial term with two, one-year extensions options, and floats over LIBOR. U.S. Bank and Bank of America jointly led the loan’s arrangement, with U.S. Bank serving as the administrative agent, and Deutsche Pfandbriefbank joining the lender group at closing.
A KBS internal team executed the refi. “This was a successful large financing that reflects KBS’ experience as an owner-operator through all real estate and economic cycles, even during the pandemic,” said Rob Durand, EVP of financing for KBS.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
