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Chetrit Refinances Downtown Buildings for $165M

CHICAGO-New York City-based Chetrit Group gets a 10-year mortgage at 5.85%, with interest-only payments for the first three years, on three older buildings totaling 1.6 million sf. The debt eclipses Chetrit Group's $117.5-million purchase price in December 2002.

By Mark Ruda | Updated on February 21, 2006

(To read more on the debt and equity markets, click here.)

CHICAGO-New York City-based Chetrit Group has refinanced three Downtown office buildings totaling 1.6 million sf for $165 million, at 5.85% and interest-only payments during the first three years of the 10-year mortgage. Chetrit Group paid a combined $117.5 million in December 2002 for the 884,004-sf 1 N. Dearborn St., the 527,600-sf 1 N. LaSalle St. and 265,000-sf 360 N. Michigan Ave.

The three buildings have all undergone renovations, totaling $83 million. The most money was spent at 1 N. Dearborn St., where the $30-million renovation in 2000 has helped boost occupancy from 30% to 75% at the 90-year-old property. However, the improvements were nearly $100 per sf at 360 N. Michigan Ave., now 90% occupied with tenants including Crain’s, Blackstone Group and YMCA of Metropolitan Chicago. The 84-year-old building is on the site of the original Fort Dearborn.

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