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 in Chicago.

Newmark’s Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, Chris Lozinak, Ryan Sullivan and Tim Polglase are advising the joint venture. Part of the proceeds will be used to refinance existing debt, as well as to repay $129.8 million of preferred equity. $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.

The sponsor is requesting five-year, floating and fixed-rate financing proposals in the amount of $700 million to refinance the existing debt and capitalise associated closing costs. The requested loan proceeds are supported by reliable cash flow and 9.4 years of WALT. The property is 98% occupied and anchored by tenants including Bank of America, Lincoln International, Brookfield, Morgan Lewis, Jones Day, and King & Spalding.