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Zeller Realty takes out $215M mortgage on distinctive Downtown skyscraper
The company used the new loan on 311 South Wacker Drive to pay off mortgages from two foreign banks
Zeller Realty swapped a pair of foreign mortgages this month for a $215 million loan from Morgan Stanley for its tower at 311 South Wacker Drive, according to Cook County records.
The Chicago-based firm terminated its mortgages with the Bank of China and Canadian Imperial Bank of Commerce on the same day it entered into the new financing agreement, records show.
Zeller teamed up with Chinese investor Cindat Capital Management in 2014 to buy the 65-story postmodern office building in 2014 for $302 million from the San Francisco-based Shorenstein Properties and Fremont Realty Capital, according to Crain’s.
Built in 1990, the 1.3-million-square-foot tower is widely recognized in the city’s skyline for its 105-foot cylindrical glass crown.
A representative of Zeller did not immediately respond for a request for comment Thursday.
An analysis by The Real Deal showed Chicago is sixth nationally in overseas investment.