Deutsche Bank and Prime Finance Provide $75.5 Million in Financing on Chicago Mixed-Use Project
Kaye Scholer recently represented Deutsche Bank and Prime Finance in the permanent financing of an LLC sponsored by Structured Development at 1400-1460 North Halsted in Chicago, IL. The deal consists of first mortgage debt and mezzanine financing totaling $75.5 million for the project, which encompasses an entire city block in Chicago’s Clybourn Corridor and includes educational, retail, medical office and parking uses within the development. The five year fixed rate loan and additional capital allowed for Structured Development to refinance and recapitalize the project and buy out the former equity partner in the transaction. Maverick Commercial Mortgage, Inc. was involved in the placement of the financing, which closed on April 10, 2013.
The Kaye Scholer team involved in the transaction included Real Estate Partners Aaron Lehrfield and Jeannie Bionda, Associates Michael Dougherty and Christine O’Connell and Legal Assistant Jose Torres.