Willis Tower Refinancing The Largest In Chicago Real Estate History
A $500M capital improvement project isn't the only activity surrounding Willis Tower. The owners of Chicago's tallest building, The Blackstone Group, are close to finalizing a $1B refinancing of the building, according to Crain's Chicago Business. It would be the largest refinancing of a commercial property in Chicago's history.
The loan would replace $750M in CMBS debt Blackstone assumed when it bought the 110-story building for a record $1.3B in 2015. Willis' previous owners, Joseph Chetrit and Joseph Monian, took out the loans, which were transferred back to a special servicer in February 2015. The loans are set to mature on Feb. 11.
Goldman Sachs is the lead lender on the new loan, which is being arranged by Eastdil Secured's Steven Livaditis and Jeff Altenau. The refinancing is expected to be securitized, and will mature in five years.