Contact:

John Dobroski                     

+1 312 935 1881               

john.dobroski@cbre.com             

 

CBRE CAPITAL MARKETS ARRANGES FINANCING OF 680 NORTH LAKE SHORE DRIVE on behalf of golub & company

 

Chicago, IL – June 13, 2014 – CBRE Capital Markets recently secured financing on behalf of Golub & Company for the refinance of 680 North Lake Shore Drive located in the Streeterville neighborhood of Chicago’s Central Business District.  The transaction was led by Senior Vice President Pete Marino and Vice President William Howe of CBRE Chicago’s Capital Markets Debt & Structured Finance Team.

 

CBRE was engaged by Golub to refinance the commercial space at the property, which includes nearly 500,000 square feet of office and retail space and the accompanying public parking garage.  The building also includes more than 400 privately owned condominium units with private parking that were not part of the financing.

 

The property is located in Chicago’s de facto downtown medical campus.  With ground floor amenities, including a grocery store, hardware store, restaurant, coffee shop and other retailers as well as significant parking in the building, the property serves as an anchor for Streeterville and the surrounding community.

 

According to CBRE’s Mr. Marino “there was significant interest from the lending community which resulted in a highly competitive situation due to the strength of the property, as well as the depth of the real estate lending markets today.  The borrower had a menu of loan terms that it could choose from and ultimately settled on a five-year, floating-rate, non-recourse structure”.

 

Golub & Company’s Principal, Michael Newman and Senior Vice President, Michael Goldman acted on behalf of the owner. Mr. Newman stated “we were extremely pleased with the reception by the lending community.  Having owned the building for 25 years we understand its value which was confirmed by the interest from lenders”.

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

CBRE
 
Share
 


You may also unsubscribe by calling toll-free +1 877 CBRE 330 (+1 877 227 3330).

Please consider the environment before printing this email.

CBRE respects your privacy. A copy of our Privacy Policy is available online. If you have questions or concerns about our compliance with this policy, please email PrivacyAdministrator@cbre.com or write to Attn: Marketing Department, Privacy Administrator, CBRE, 200 Park Ave. 17-19 Floors, New York, NY 10166.

Address: 311 S Wacker Dr, Suite 400 Suite 700, Chicago IL 60606

THIS IS A MARKETING COMMUNICATION

© 2024 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.