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Magellan refinances 298-unit Exhibit on Superior with $115M loan
The developer bought the property in 2015 and completed the 34-story tower in 2017
Magellan Development took out a $115 million mortgage on its 298-unit Exhibit on Superior apartment building in River North.
The developer paid about $11.5 million for the property at 165 West Superior Street in 2015, simultaneously taking out a $73.7 million construction loan from PNC Bank, according to Cook County property records. LoanCore Capital issued the $115 million refinancing on Sept. 21.
Magellan executive vice president Brian Gordon confirmed the loan amount in an email Tuesday, but he declined comment on future plans for the property.
The 34-story tower was built between 2015 and 2017 through a joint venture with MAC Management and Parse Capital. It was designed by bKL Architecture.
Magellan is best known for its marathon development of the Lakeshore East neighborhood, crowned by the 101-story Vista Tower, which is set to become the city’s third-tallest building by the time it’s completed in 2020. Earlier this month, the Dalian Wanda Group sold its majority stake in the Vista Tower to the Canada-based retail developer Triple Five.
In August, Magellan and LendLease unveiled plans to build an additional three residential towers in Lakeshore East, with the tallest topping out at 85 stories.
Amli Residential last month proposed a 297-unit micro-apartment tower at 808 North Wells Street, about a block north of the Exhibit on Superior.