March 21, 2016
Partners AFL-CIO Building Investment Trust and Magellan Development Group have successfully obtained a $125 million loan to refinance The Tides at Lakeshore East, a 608-unit, high-rise luxury apartment tower in downtown Chicago. The property is located at 360 S. Water St.
The 10-year, fixed-rate, full-term loan came from Northwestern Mutual Life Insurance Co., and replaced a construction loan that Pacific Life Insurance Co. had underwritten in 2006. Pete Marino and Molly Green of CBRE Capital Markets arranged for the loan.