Jones Lang LaSalle announced this week that the firm's Capital Markets group secured $125 million in acquisition financing for Onterie Center in Chicago. New York Life is providing the financing for the sixty-story award-winning high rise at 441 East Erie St. JLL announced this past December that it would be buying the property from Boston-based Metropolitan Properties of America Inc. for $188 million; Metropolitan paid $143 million for the building in 2005.
"Onterie Center is backed by strong institutional sponsorship, generates solid in-place cash flow and is in the heart of one of the highest residential rent districts in the city," said JLL's managing director David Hendrickson. "It offers superior amenities, an unparalleled location near a variety of dining and shopping options, and magnificent city and lake views, all of which made this a compelling investment for New York Life."
Designed by Skidmore, Owings & Merrill, construction was completed on Onterie Center in 1986. The property features a 60-story, 583-unit residential tower with 102,616-square feet of fully leased commercial space and an 11-story tower with 32 luxury loft units. Current tenants include Northwestern University, the Rehabilitation Institute of Chicago, Northwestern Memorial Hospital, Streeterville MRI and KinderCare daycare center.
For more news and information visit Blumberg Capital Partners.
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