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Magellan Gets New Deal for the Tides

CHICAGO—Pete Marino and Molly Green of CBRE's downtown Chicago office arranged the $125 million loan.

By Brian J. Rogal | brianjrogal | | Updated on March 18, 2016
chi-Tides (4) The Tides has been one of the more successful rental communities on the lakefront.
CHICAGO—A joint venture between AFL-CIO Building Investment Trust and Magellan Development Group has just gotten a new loan to refinance The Tides at Lakeshore East, one of the signature rental properties developed by Magellan on Chicago’s lakefront. The 608-unit, luxury high-rise apartment tower at 360 E. South Water St. was completed in 2008. Pete Marino and Molly Green of CBRE’s downtown Chicago office arranged the $125 million loan. They procured the 10-year fixed-rate, full-term interest-only financing with a life company lender. CBRE officials say the low leverage financing also included a six-month forward commitment. “The lending markets aggressively pursued the financing for Tides due to the strength of the ownership/management team and the consistent operating history of out-performing the market,” says Marino, executive vice president, debt and structured finance, CBRE Capital Markets. “The forward commitment allowed the borrower to remove the interest rate risk in this volatile market.” The Tides is a master planned, mixed-use development. It is surrounded by Lake Michigan, the Chicago River, Millennium Park, and a six-acre park. The class A property also contains high-end amenities, a parking garage and 4,400 square feet of ground floor retail space.

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