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180 N. LaSalle Financed

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180 N. LaSalle Financed
The second office building in Chicago's CBD to be sold this year has found financing, doubling the transaction volume of 2009, which of course was nothing to write home about. The deal is (you guessed it)Prime Group Realty Trust's sale 180 N. LaSalle to New York-based Berkley Properties  earlier this month for $72.25 million.
 
180 N. LaSalle
Starwood Property Trust, based in Connecticut, is providing a secured  $59M first mortgage on the 38-story office tower. The loan matures in May 2015 and has an 8% interest rate with an expected unlevered return  of 8.8%. Starwood's Leo Huang said in a press release the investment mirrors the company's philosophy of deploying funds in a disciplined manner to provide predictable growth.
 
NAI (10) - in-text or rig