The owners of 300 South Riverside Plaza have a new partner. Shinhan Investment Corp. provided a $175M, five-year, fixed rate loan on the 23-story West Loop office tower.

Shinhan Senior Manager Eddie Lee called the loan a historic transaction for Korean real estate investment because Shinhan was able to provide the full loan on its balance sheet directly to the sponsor, as opposed to a loan originator.

Shinhan plans to restructure the loan for resale, by selling senior notes to U.S. investors and the balance to Korean institutional investors. The owners of 300 South Riverside, a joint venture of Joseph Mizrachi and David Werner, will use the proceeds to repay senior notes held by Optibase, which provided a $12.9M investment two years ago in exchange for a 30% stake in the building.

Shinhan was advised by BridgeRock Capital Advisors and Talmage on the loan, and Talmage will serve as the loan servicer.

Mizrachi and Werner put 300 South Riverside on the market in 2014, but pulled the building when bids did not reach the $335M they were seeking. Mizrachi and Werner then divided the building from the land beneath it, and sold the land in 2015 for $220M to a joint venture of Cammeby's International Group and World Wide Group, according to Cook County records.