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North Wells Closes Refi on River North Loft Offices
North Wells Capital, LLC has successfully closed a $21,000,000 senior refinancing of 440 N. Wells St., an eight-story, 95,316-square-foot office building in River North, with lender CIBC Bank USA. The building is currently 97% occupied.
“Despite approaching the market at a time with fairly conservative lending parameters for office deals, 440 North Wells’ consistent outperformance and resiliency through the recent pandemic made it a highly attractive investment,” said North Wells Capital’s principal Anthony Farella. “The asset benefits from an irreplaceable location and will continue to cater to growing and innovative tenants for many years to come.”
The heavy timber and brick loft property is just steps from the Merchandise Mart and the CTA’s Brown and Purple line trains. Urban Innovations provides property management, leasing, and construction services for the property. North Wells Capital and Urban Innovations have owned/managed the asset since 1996.
- ◦Financing
