They could have hired brokers, created a flashy pitch deck and courted buyers from here to Timbuktu. But Bixby Bridge Capital decided instead to refinance their Gold Coast luxury-retail tower, just the latest investor to recapitalize a property rather than sell it.
The Northbrook-based firm took out the loan from CIBC on the building at 70 East Walton Street, according to Cook County records. The building features 25 luxury extended-stay apartments above three floors of retail space.
The seven-year, fixed-rate loan was arranged by Michael Hart of Cohen Financial, according to REJournals.
Commercial real estate investors in many sectors often turn to refinancing to take advantage of rising property values without having to give up an investment property. At one point last year, refinancings accounted for 61 percent of U.S. loan volume, up from 45 percent in 2015, according to Real Capital Analytics.
Not far from the Walton Street property, Bixby Bridge last year refinanced its 215-key Kinzie Hotel with a $30.5 million loan from Annaly loan.
The Walton Street property is a couple blocks from JDL Development’s No. 9 Walton luxury condo tower, which has dominated the lists of most expensive residential sales since late 2017.