CIM Group refinances Central Loop tower after completing renovation

CIM in 2018 completed renovations to the classic financial district building

Jul.July 30, 2019 02:00 PM
CIM Group’s Shaul Kuba and 425 South Financial Place

CIM Group’s Shaul Kuba and 425 South Financial Place

After embarking on a renovation and rebranding of 425 South Financial Place, owner CIM Group has refinanced the classic Central Loop tower.

Los Angeles-based CIM earlier this month secured a $170 million loan for the 39-story tower now known as 425 South Financial Place, Cook County property records show. The lender was KKR Real Estate Finance Trust, records indicate.

The refinancing comes after CIM renovated the nearly 1-million-square-foot Financial District building. Renovations included improvements to the building’s public plaza, new lounge areas and a new lobby that was relocated from LaSalle Street to Financial Street, hence the rebranding to 425 South Financial Place. Renovations were completed in 2018, CIM said in a press release. Interior renovations were completed by its previous owner in 2015.

CIM bought the building in 2016 for $189 milion and financed the deal with a $131 million loan from JP Morgan Chase. Last summer, CIM inked Chicago Trading to a 27,000-square-foot lease expansion in the tower.

Built in 1984, 425 South Financial Place includes a 950,000-square-foot office tower and an 83,000-square-foot annex and a 45,000-square-foot outdoor plaza.

CIM is involved in a number of high-profile development projects in Chicago. The firm in November secured a $328 million construction loan from JP Morgan Chase for its redevelopment of the Tribune Tower, a project with Golub & Company. Plans for the project include a mixed-use tower that would be the city’s second-tallest building.

CIM and Golub are also teaming up to build a 32-unit condo building in Old Town. The firm is also looking to offload its luxury apartment tower atop the Block 37 mall in the Loop.

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