May 15, 2018 Comments (0) Views: 649 Chicago News, Top Chicago

Wacker Drive Tower Lands $665M Construction Financing

The 53-story 110 N. Wacker Dr. office development from the Howard Hughes Corporation and Riverside Investment and Development has landed a $495-million construction loan from Bank of America and JPMorgan Chase, and a $170-million equity investment by USAA Real Estate. The financing was arranged by Hamilton Realty Finance, along with Howard Hughes and Riverside.

“The closing of this financing is another important milestone in our development process, and with the help of our trusted financial partners, we are one step closer to delivering the next evolution of premier office space to Chicago,” said Howard Hughes president Grant Herlitz.

At Riverside, CEO John O’Donnell said his firm was “very fortunate to be working with The Howard Hughes Corporation, and collaborating again with Goettsch Partners and Clark Construction on this project,” following the team’s collaboration on 150 N. Riverside. 110 N. Wacker is slated for completion by the end of 2020.

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