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225 North Columbus Drive

Ares Management And Magellan Development Group Secure $144M Loan For Aqua Tower Multifamily In Chicago
FINANCEDMultiFamily

Ares Management And Magellan Development Group Secure $144M Loan For Aqua Tower Multifamily In Chicago

225 North Columbus Drive

$144,000,000

Building Size

Asset Type

MultiFamily

Closing

Apr 2, 2026

AI

The asset involved in this transaction is a multifamily property with a total of 474 units, located at 225 North Columbus Drive in the Chicago market. The loan amount secured for this refinancing transaction is $144,000,000. The property is part of the Jeanne Gang-designed Aqua Tower, situated within the Lakeshore East development. The refinancing replaces existing debt and is part of a long-term hold strategy by the owners.

Summary of transaction details:

This refinancing transaction involved key individuals from various companies. The lenders were led by Starwood Capital, while the landlords were represented by Michael Arougheti from Ares Real Estate and David Carlins from Magellan Development Group. The brokers facilitating the deal included Danny Kaufman, Medina Spiodic, Rebecca Mitchell, and Youngsoo Yang from JLL.

Players

Medina Spiodic

JLL

Broker

$537.9M

vol

5 deals

Broker
Starwood Capital Group
Starwood Capital GroupLender
Michael Arougheti

Michael Arougheti

Ares Real Estate

Landlord

$6.1B

vol

34 deals

Landlord

Chicago MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.11%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93