CIM lands $328M loan for Tribune Tower condo conversion

The developer and partner Golub & Company began working in September to convert the historic property into a 163-unit condo complex
By Alex Nitkin |
Research by Haru Coryne
November 21, 2018 02:00PM

From left: Avi Shemesh, Richard Ressler, and Shaul Kuba

CIM Group secured a $327.9 million construction loan from JPMorgan for its $150 million redevelopment of the Tribune Tower, two months after the project got underway.

The Los Angeles-based developer bought the building in 2016, and it joined partner Golub & Company in a proposal to convert the longtime home of the Chicago Tribune into a residential complex with 163 condos.

The companies also are building a four-story addition on one of the four buildings on the property around 435 North Michigan Avenue, and they plan to add 47,500 square feet of retail space across the site.

The developers’ proposal also calls for a 1,422-foot-tall mixed-use tower that would become the city’s second-tallest building. That proposal, which has not been aprroved by city officials, would feature 439 apartments and 125 condos with 10,700 square feet of below-ground retail and a 200-key hotel.

When the Tribune moved its offices out of the historic tower earlier this year, the paper’s owners tried to remove the sign with its name from the side of the building. But CIM and Golub sued to keep it.

The two firms also are teaming up to build a 32-unit condo building at 1550 North Clark Street in Old Town. In August, they sold a South Loop apartment tower to an investment arm of the Mormon church.

And earlier this month, CIM paid $138 million to acquire a 36-story office tower across the street from the Tribune site.

A spokesperson for CIM said the company does not comment on financial matters.