Hines Secures $142M Refinancing for Wolf Point West in Chicago

Hines and its partners secured a $141.8 million refinancing for Wolf Point West, the 509-unit luxury rental tower on the Chicago River, marking the ownership group’s second major debt deal at the riverfront site in the past year.

The 48-story luxury multifamily tower at 343 West Wolf Point Plaza sits on a riverfront site in Chicago’s River North neighborhood. New York Life Insurance Company provided the three-year, floating-rate loan, according to a press release from JLL Capital Markets. JLL arranged the financing.

The new loan retires a previous $142.5 million mortgage from Teachers Annuity Association of America, which the developer took out in 2016.

The deal is the latest sign of institutional investors targeting Chicago multifamily properties as lack of new supply and slow development ramps up competition for existing buildings. The owners of the luxury Aqua tower in Lakeshore East secured a $144 million refinancing package on the building in April.

Chicago rents are growing at 4.2 percent annually, compared with the 0.4 percent national average, JLL said, and Chicago continues to be a major destination for corporate relocation.

Hines is partnered on the tower with the AFL-CIO Building Investment Trust, Magellan Development Group and the Joseph P. Kennedy Trust. That same group of investors, other than Chicago-based Magellan, is behind the Salesforce Tower nextdoor, which the partners refinanced for $610 million in March 2025.

That deal, along with Wells Fargo, JPMorgan Chase and Goldman Sachs as lenders, reflected an $888 million long-term valuation for the 60-story office building, which is more than 95 percent leased to Salesforce and Kirkland & Ellis.

The Kennedy family has owned the Wolf Point site since patriarch Joseph P. Kennedy Sr. purchased it in 1945. Chris Kennedy, son of the late U.S. Sen. Robert F. Kennedy, oversees the family’s real estate holdings.

Wolf Point West, which includes 509 residential units across 379,000 square feet, was completed in 2016 and designed by bKL Architecture. It is the first of three towers built on the 3.9-acre Wolf Point site at the confluence of the three branches of the Chicago River. The site also includes the 697-unit Wolf Point East apartment tower and the 1.2 million-square-foot Salesforce Tower, which was completed in 2023.

The tower cost $160 million to build, or about $314,000 per unit, according to past reports. In 2017, the partnership hired brokerage HFF to sell the building, targeting a sale price nearly double that cost, Crain’s reported. The ownership group ultimately held onto the property.

Houston-based Hines, a global real estate firm, developed the buildings on the Wolf Point site and is currently the property manager.

The JLL team guiding the deal was led by senior managing director Danny Kaufman, director Medina Spiodic, vice president Rebecca Brielmaier and analyst Youngsoo Yang, JLL said. Kaufman said in the press release the 97 percent occupancy rate and strong rent growth makes the building a strong asset in Chicago’s luxury River North market.