Prudential Mortgage Capital Company announced this week that it had provided $425 million in financing for two office towers in Chicago and Seattle. The John Buck Company received a $300 million loan for 155 North Wacker in Chicago. The 10-year fixed-rate loan is being used to refinance the 1.15 million square foot tower in the West Loop submarket. In Seattle, AEW Capital Management received a $125 million 12-year loan to refinance West 8th Street, a 498,893 square foot Class A office tower.
"Although the office sector has been slow to recover, high-quality transactions such as these have continued, particularly in major markets," said Thomas Goodsite, a managing director with Prudential Mortgage Capital Company's Atlanta office who led the transactions. "We expect to do more of these types of deals as the economy continues to recover, and this sector will play a key role in helping us achieve our 2013 originations goals."
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