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CBRE Secures One $225M Loan for Two Properties

NEW YORK CITY-At the request of the buyer, brokers secured an agreement backed by on two Gateway-city assets, GlobeSt.com has learned EXCLUSIVELY.

By Rayna Katz | Updated on November 01, 2013

NEW YORK CITY-In an unusual financing, GlobeSt.com has learned EXCLUSIVELY, CBRE has completed a $225 million loan secured by 22 West Washington in Chicago, and 1111 Brickell Ave. in Miami on behalf of Prudential Real Estate Investors’ commingled core fund. The loan—provided by JP Morgan Chase Bank–was facilitated by Michael Sherman, SVP and Joseph Donato, Jr. vice chairman.

“Prudential wanted the flexibility to be able to remove a property from the loan, if necessary, and replace it with something,” Sherman tells GlobeSt.com. “That’s what made this transaction unique.

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