HFF has arranged an $82.15 million refinancing for 444 North Michigan, a 517,115-square-foot, core office property in Chicago’s central business district.
HFF worked on behalf of GLL Real Estate Partners to secure the floating-rate loan with Blackstone Mortgage Trust. 444 North Michigan is located at the intersection of Michigan Avenue and Illinois Street along Chicago’s Magnificent Mile, a sought-after section of Michigan Avenue that runs from the Chicago River to Oak Street in the Near North Side.
Renovated in 2000, the 33-story property is currently undergoing additional renovations. It is leased to tenants in the media, advertising and technology sectors, including Comcast, Fox Entertainment, National Cable, Monster Worldwide and Momentum. The ground floor contains nearly 10,000 square feet of retail space.
The HFF debt placement team was led by senior managing director Mike Kavanau and managing director Stephen Skok.