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Wednesday, 01 April 2015

Blackstone Lends $71Mln Against Chicago's 200 West Jackson

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Commercial Real Estate Direct Staff Report

Blackstone Mortgage Trust Inc. has provided $71 million of mortgage financing against 200 West Jackson Blvd., a 458,851-square-foot office building in the West Loop neighborhood of Chicago.

The property recently was purchased for $73.3 million, or $159.75/sf, by a venture of White Oak Realty Partners of Des Moines, Iowa, and Angelo, Gordon & Co.

The New York lender so far has funded $50 million of the three-year loan, which could be extended for up to two additional one-year terms. It will disburse remaining funds as the property meets certain performance hurdles.

As reported, the White Oak/Angelo Gordon team purchased the 28-story building from Ares Management, which was represented by Eastdil Secured.

The 44-year-old property, which was renovated in 2006, is roughly 87 percent occupied by tenants that include lender Cash International Inc., with 120,726 sf through June 2017; publishing company TNC Holdings Inc., with 98,640 sf through August 2019, and the AIDS Foundation of Chicago.

Ares had taken over the property through its 2013 acquisition of AREA Property Partners, which had purchased it in 2007 for $73 million.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Chicago
  • States: Illinois
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Company: BNP Residential Properties Inc.
  • Valuation: Between $50 million and $100 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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