Irish Real Estate Group Refinances Michigan Avenue Retail Portfolio For Second Time In Four Years
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.