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Behringer Uses $200M to Secure Chicago Debt

CHICAGO-The Dallas-based firm has closed on a $340-million secured credit facility, with a goal to refinance debt on 10 and 120 S. Riverside Plaza here, stabilizing its lending in Chicago.

By Robert Carr | Updated on October 31, 2011

CHICAGO-Dallas-based Behringer Harvard has used the proceeds of a $200 million term loan facility to refinance the 10 and 120 S. Riverside office properties here. The 21-story twin office towers are two of five properties owned by the company in Chicago, and the third local property that Behringer has recapitalized since June.

Behringer Harvard REIT I recently closed on the term loan facility, as well as a $140 million revolving line of credit, provided by JPMorgan Chase Bank as syndication agent and KeyBank National Association as agent and lender. Behringer said in an SEC filing Monday that it intends to use the revolving facility, of which it has already withdrawn $57 million, for tenant improvements, leasing commissions, debt repayment and general corporate purposes. The combined credit facility matures on Oct. 25, 2014.

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