Ashkenazy scores $61M loan for retail portion of Mag Mile office tower

High-street retail player owns lower levels at 625 North Michigan

Chicago /
Feb.February 27, 2020 02:00 PM
Ashkenazy CEO Ben Ashkenazy and 625 N. Michigan Avenue (Credit: Google Maps)

Ashkenazy CEO Ben Ashkenazy and 625 N. Michigan Avenue (Credit: Google Maps)

Ashkenazy Acquisition Corp. has secured $61 million in financing for the retail portion of a 27-story Magnificent Mile office tower, The Real Deal has learned.

Ashkenazy owns the retail component on the first few floors of 625 North Michigan Avenue, whose shops include Coach and Timberland among others. Chicago-based Golub & Company and a Dubai-based investor own the 290,000-square-foot office portion, along one of Chicago’s premier retail strips.

Barings provided the loan through its debt fund, Barings Real Estate Credit Strategies VII, property records show. The company did not immediately return a call for comment.

Ashkenazy, a major player in high-street retail, declined to comment.

Last year, Dubai-based Neo Capital paid $72 million for CIM Group’s minority stake in the property. Golub retained its majority interest.

Golub and CIM partnered up in 2015 to pay $48 million for the upper floors, then spent almost $10 million on renovations and boosted occupancy, from 67 to 88 percent.


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