Columbus Plaza in Chicago

Habitat Receives $102.4 Million for Refinancing of Columbus Plaza in Chicago

by Channing Hamilton

CHICAGO — Habitat has received a $72.9 million Freddie Mac loan, as well as $29.5 million in equity from New York-based Torchlight Investors for the refinancing of Columbus Plaza, a high-rise community located in downtown Chicago. Torchlight Investors joins Habitat as an equity partner in the property. Northmarq arranged the Freddie Mac loan.

The refinancing replaces a $93 million loan from 2017 that matured in November. Habitat and its partners will use the new loan and capital structure to plan renovations and other capital improvements.

Columbus Plaza consists of 534 apartments across 47 stories. Built on East Wacker Drive in 1980, the community offers studio, one- and two-bedroom floor plans. Tenants have access to amenities such as a fitness center, sunroom, business lounge, patio and bicycle storage. Monthly rents average from $1,700 to $3,350.

Habitat developed the building in 1980 and continues to serve as the property manager. The community was 95 percent leased at the time of loan closing.

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