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.
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