Chicago-based JMB Realty Corporation operated by Judd Malkin and Neil Bluhm has refinanced the combined office and retail complex at 900 North Michigan Ave in that city with a $250 million loan from Springfield Massachusetts based Mutual Life Insurance Co., according to a report in Chicago Real Estate Daily, part of Crain’s Chicago.
The new mortgage on the entire location will mature in 2024 and $207.8 million of the funds will be used to pay off the pre-existing loan on the property replaces a securitized loan on the property with a final balance of $207.8 million. The complex brought in $21.7 million in net operating income for the year 2013, according to Bloomberg.
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Built in 1989, the tower has 66 floors and reaches 871 feet in height. Originally offices were located on floors 8 to 29, but in 2007 floors 21 to 29 were converted into luxury condominiums. The Four Seasons Hotel occupies the remaining 38 floors. It has a limestone and green glass frame with four decorative towers on the corners of its top. JMB currently has offices there.
Boasting itself as the anchor of Chicago’s famed Magnificent Mile shopping district, 900 North Michigan Ave holds a total of 825, 356 square feet of space, 450, 000 of which is a seven level shopping mall called 900 North Michigan Shops. Anchored by Bloomingdale’s, it features over 70 luxury retailers, including Gucci, MaxMara, Montblanc, Bernardaud and Michael Kors.
Just last month the Chicago furniture boutique Nest announced that it would expand its space at the mall eight fold adding a currently empty 14, 500 square foot space there.
In other JMB Realty Corporation news, the firm is one of a number of sponsors for the “Collaboratories” project of The Chicago Community Trust. The project will help move six promising ideas relating to community projects that were involved in the Trust’s On the Table civic engagement initiative held last spring.