One of Michigan Avenue's most recognizable retail assets is being refinanced for the second time in four years. ECA Capital secured $77M in refinancing for 545 and 555 North Michigan. The 46K SF 555 North Michigan is home to The Gap's Chicago flagship store, while the five-story 545 North Michigan was recently leased by Ugg.
HFF worked with ECA Capital to place the loan with Apollo Global Management, and the loan has a 10-year, fixed-rate term. The loan's proceeds will be used to refinance a $76M, floating rate loan issued in August 2013.
HFF's Timothy Joyce and Christopher Knight led the debt placement team.
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