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

Nov.November 21, 2018 02:00 PM

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.

Related Articles

From left: Jim Loewenberg, David Carlins and Joel Carlins

Keeping it in the family: Magellan co-founder’s son becomes CEO

Kyle Glascott and the Green Dolphin nightclub

Glascott Realty picks up troubled site near Lincoln Yards for $4.7M

Elston Avenue retail complex and Baker Development President Warren Baker (Credit: Google Maps)

Baker Development lands $70M refi on Kohl’s-anchored retail complex

Stockbridge Real Estate CEO Stephen Pilch

Stockbridge Capital makes big bet in suburban industrial stronghold

One Lincoln Centre and Balfour Pacific CEO Mark Scott (Credit: Google Maps, iStock)

Blackstone unloads large office complex at slight discount

Golub & Company’s Michael Newman, Prairie Shores at 2851 South King Drive, and Farpoint Development’s Scott Goodman

Farpoint, Golub close on massive Bronzeville resi complex

905 West Fulton Market and DineAmic founders David Rekhson and Lucas Stoioff (Credit: Thor Equities)

Prime & Provisions owner inks lease for new restaurant in Fulton Market

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities lands $144M construction loan for new tower