CIM Group refinances Central Loop tower after completing renovation

CIM in 2018 completed renovations to the classic financial district building

Chicago /
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.


Related Articles

arrow_forward_ios
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
These were Chicago’s top real estate stories of 2021
213 W. Institute Place and 210-216 W. Chicago Ave (KBS)
Pandemic forces sale of two downtown Chicago office buildings
Pandemic forces sale of two downtown Chicago office buildings
Even as omicron surged, Chicago’s downtown vacancies fell in Q4 (iStock)
Downtown Chicago office vacancy rate drops from historic high
Downtown Chicago office vacancy rate drops from historic high
Class C building in Chicago fully leased by AT&T sold for $16.3M
Class C building in Chicago fully leased by AT&T sold for $16.3M
Class C building in Chicago fully leased by AT&T sold for $16.3M
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
Biopharmaceutical firm’s expansion to Fulton Market shows Chicago’s fast growing life sciences industry
The Civic Opera House at 20 North Wacker Drive (Getty)
Mark Karasick’s 601W faces $195M foreclosure on Civic Opera House
Mark Karasick’s 601W faces $195M foreclosure on Civic Opera House
Tarkett CEO Fabrice Barthélemy and Fulton East (Tarkett, Fulton East)
Fulton East snags second tenant, leasing 11,000 sf to flooring company
Fulton East snags second tenant, leasing 11,000 sf to flooring company
Hines CEO Jeffrey Hines with Salesforce Tower, which the firm is developing. (Hines)
Kirkland & Ellis negotiating 600K sf Salesforce Tower lease
Kirkland & Ellis negotiating 600K sf Salesforce Tower lease
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...