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GMAC Increases 111 S. Wacker Loan to $270M

CHICAGO-A five-year, floating-rate loan from Landesbank Hessen Thuringen (Helaba) Bank and Anglo-Irish Bank PLC replaces the construction loan for the one-million-sf, 51-story building. GMAC Commercial Mortgage Corp. arranges the new debt two years after doing the construction deal.

By Mark Ruda | Updated on April 07, 2005

CHICAGO-JBC Opportunity Funds has refinanced its loan on 111 S. Wacker Dr., increasing the principal nearly 25% to $270 million. The new loan arranged by GMAC Commercial Mortgage Corp. involves floating-rate debt, with Landesbank Hessen Thuringen (Helaba) Bank and Anglo-Irish Bank PLC as the major participants.

Developed by John Buck Co., the one-million-sf, 51-story building is anchored by Deloitte & Touche, which moves into 424,192 sf this summer. Lord Bissell & Brook LLP, RR Donnelley, Grippo & Elden LLC, Ventas Realty and Bloomberg also have signed leases to bring occupancy to nearly 80%.

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