Chicago-based Habitat refinanced Columbus Plaza, a 47-story, 534-unit apartment high-rise in downtown Chicago.
Habitat and its partners secured a new $72.9 million Freddie Mac loan arranged by Northmarq, plus an additional $29.5 million in new equity from New York-based Torchlight Investors, which joins Habitat as an equity partner in the property.
The refinance replaces a $93 million loan from 2017, which matured in November. The deal was complicated after Columbus Plaza received a higher property tax assessment last fall and by Chicago’s proposed – but ultimately unsuccessful – real estate tax rate increase, which led Habitat’s lender to reduce the loan amount by $6 million. The new loan and capital structure allow Habitat and its partners to plan key renovations and other capital improvements to the property at 233 E. Wacker Dr.
Completed in 1980, Columbus Plaza comprises 534 studio, one-, and two-bedroom apartments with average monthly rents ranging from $1,700 to $3,350. The Class A building is currently 95% leased. On-site amenities include a fully equipped fitness center, resort-style sunroom, business lounge, patio with grilling stations and bicycle storage.
Perched on East Wacker Drive, the building overlooks the Chicago River and offers residents views of Lake Michigan and the surrounding downtown cityscape, easy access to the Chicago Riverwalk and a direct connection to the Chicago Pedway. With a walk score of 99, the building is just steps from a variety of public transit options, top dining destinations and notable Chicago attractions, such as Navy Pier, Millennium Park, the Art Institute and Michigan Avenue. Habitat was the original developer of Columbus Plaza and continues to manage the property.
