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

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:

• Property Type: Multifamily
• Transaction Amount: $144,000,000
• Address: 225 North Columbus Drive
• Market: Chicago
• Units: 474
• Lender: Starwood Capital
• Landlord: Michael Arougheti - Ares Real Estate; David Carlins - Magellan Development Group
• Brokers: Danny Kaufman, Medina Spiodic, Rebecca Mitchell & Youngsoo Yang - JLL

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.