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Planned Property Management lands $68M refi on River North resi tower
JPMorgan financed the loan on the 221-unit Chicagoan
Planned Property Management has landed a $68 million refinance on the Chicagoan, its 37-story apartment tower in River North.
JPMorgan Chase financed the loan for the 221-unit building, records show. It replaces an identical acquisition loan the bank provided PPM in 2015, when the Chicago-based firm bought the tower, county records show.
PPM paid $104 million for that deal, records show. The building is located at 750 N. Rush St., and has a 164-vehicle garage. Units average 925 square feet. The building, which Draper and Kramer developed, was completed in 1990, and has been renovated over the years.
JPMorgan declined to comment. A representative for PPM did not respond to a request for comment.
In the spring, Onni Group said it was moving ahead with its plan to build a 41-story, 356-unit apartment tower on the western edge of River North, at 353 West Grand Avenue.