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, a 1.5 million-square-foot office building in Chicago, according to credit rating agency Fitch.
The joint venture purchased the building in 2021 from developers Riverside Investment & Development and the Howard Hughes Corporation. Deutsche Bank National Trust Co. will act as trustee, while Trimont LLC will act as servicer for the five-year, fixed-rate loan. JP Morgan Chase Bank, National Association, Bank of America, Wells Fargo Bank, Goldman Sachs Bank USA and Bank of Montreal will co-originate the funding.
Part of the proceeds to refinance existing debt, as well as repay $129.8 million of preferred equity. About $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.
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