Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Onni Secures $1B Refinancing for Chicago, L.A. Apartment Portfolio
Canadian developer Onni Group has secured $1 billion in refinancing for an eight-tower apartment portfolio in Chicago and the Los Angeles area, according to a Fitch Ratings report.
Vancouver-based Onni is slated to receive $875 million on a five-year, fixed-rate deal and US$125 million in mezzanine debt. The deal is set to close on July 18, and Wells Fargo Bank, Citi Real Estate Funding, and Goldman Sachs have agreed to provide the debt, which will be packaged and sold to investors.
The commercial-mortgage-backed securities loan will repay $930.5 million in existing debt, cover other costs and provide Onni with $38.6 million in equity. The portfolio contains 2,791 units and 174,963 square feet of commercial space, which was 51.6% leased.
Five of the properties are located in Chicago, including two towers within Onni’s Old Town Park project. The portfolio also includes the 369 Grand asset in River North and the 750 North Hudson Avenue and Onni Fulton Market properties.
