Planned Property Management lands $68M refi on River North resi tower

JPMorgan financed the loan on the 221-unit Chicagoan

Nov.November 19, 2019 02:00 PM
750 N. Rush Street and Planned Property Management CEO Robert Buford (Credit: Chicago Association of Realtors and PPM)

750 N. Rush Street and Planned Property Management CEO Robert Buford (Credit: Chicago Association of Realtors and PPM)

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.

Related Articles

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

500 West Monroe Street and Spear Street Capital founder John Grassi (Credit: Google Maps)

Downtown office tower trades for $412M

Orland Park landlord sued for housing discrimination (Credit: iStock)

Orland Park landlord sued for racial discrimination

From left: 403 North Wabash Avenue, 2238 North Magnolia Avenue and 1428 West George Street (Credit: Redfin, Realtor)

Here are the priciest resi sales in Chicago this week

Renderings of Millennium on LaSalle  

This office-to-luxury rental deconversion just got a big loan

A rendering of BMO Tower at 310 South Canal Street and BMO Financial Group CEO Darryl White 

$476M loan on BMO Tower project will send shovel in ground

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

Thor Equities lands $144M construction loan for new tower

208 S. La Salle Street and Jana Wesley, managing director of Chicago PACE (Credit: Google Maps)

To conserve energy, luxury hotel receives $21M loan from city