North Wells Capital, LLC has successfully closed a $21,000,000 senior refinancing of 440 North Wells Street with lender CIBC Bank USA. 440 North Wells is an 8 story, 95,316-square-foot building located at the intersection of Wells and Hubbard Streets in the River North neighborhood of Chicago. The building is currently 97% occupied, with the office space anchored by Curo Technologies and retail anchored by Ligne Roset.
“We are very pleased with the refinancing execution at 440 North Wells, which is evident of the property’s strength as an office and retail destination. Despite approaching the market at a time with fairly conservative lending parameters for office deals, 440 North Wells’ consistent outperformance and resiliency through the recent pandemic made it a highly attractive investment. The asset benefits from an irreplaceable location and will continue to cater to growing and innovative tenants for many years to come,” said North Wells Capital’s Principal Anthony Farella.
The heavy timber and brick loft property is just steps from the Merchandise Mart and the CTA’s Brown and Purple line trains. Urban Innovations provides property management, leasing, and construction services for the property. North Wells Capital and Urban Innovations have owned/managed the asset since 1996.
