Wanxiang America Real Estate Group, the Chicago-based CRE investment arm of Chinese auto parts maker Wanxiang Group, is betting on a recovery of the office market in downtown Chicago.
Wanxiang has secured a two-year extension of its $389M mortgage on the 2.3M SF Prudential Plaza office complex, pushing the due date to 2027 with an option to extend through 2029.
The extension was the result of talks with its lender, CW Capital to modify the loan terms on the debt for Wanxiang's 2018 purchase of the Pru Plaza office campus at 130 Randolph Street for $680M, Crain's reported.
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