Northwestern Mutual revealed as lender of massive Loop resi tower buyout

Morguard North American landed $165M loan after acquiring a majority share of 690-unit Marquee at Block 37

Feb.February 05, 2020 09:00 AM
Northwestern Mutual CEO John Schlifske, Morguard CEO Rai Sahi and the Marquee at Block 37 apartments (Credit: iStock)

Northwestern Mutual CEO John Schlifske, Morguard CEO Rai Sahi and the Marquee at Block 37 apartments (Credit: iStock)

Northwestern Mutual provided the $165 million loan for the buyout of Marquee at Block 37 luxury apartment tower in the Loop.

Morguard North American Residential REIT landed the loan for its November acquisition of the remaining 51 percent stake from CIM Group in the 690-unit property. The lender was not previously identified. The 10-year loan has a 3.27 interest rate.

Canadian investor group Morguard — which previously had a 49 percent stake — bought out the majority share in the property at 25 W. Randolph St. for a reported $384,000 per unit.

Morguard and Los Angeles-based CIM tried to sell the 34-story property two years ago for $414 million but couldn’t find a buyer. In June, the joint venture again listed the Marquee but could not find a buyer.

Rents at the Marquee range from around $1,700 a month for a studio to about $5,800 for a three-bedroom, according to listings online.

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