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Riverside’s Union Station Tower Secures Construction Debt and Equity
A partnership of Riverside Investment and Development Company and Convexity Properties secured construction financing for Union Station Tower, a West Loop office project to be anchored by BMO Financial Group. Published reports say the financing from a group of banks led by BMO, Bank of America and Citizens Bank, along with equity investment by AustralianSuper, totals $476 million.
“This project design is the most technologically-advanced office tower that we’ve developed,” said Riverside CEO John O’Donnell regarding the development at 320 S. Canal St.
He added, “The one-and a-half acre programmed park on the building’s west side will serve as a game-changer for the area. The closing of this financing is another important milestone in our development process.
At AustralianSuper, Nick Ward said: “This is the first time AustralianSuper has provided preferred equity in relation to a real estate financing, and demonstrates the flexibility of AustralianSuper’s capital.”
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- ◦Financing
- ◦Development
