Feil Organization and Nakash Holdings have secured a $55 million loan to refinance their property at 645 North Michigan Avenue in Chicago. The 12-story office building spans 200,000 square feet and is located in the Magnificent Mile market. The property's mix of retail and medical office tenants, including Salvatore Ferragamo and Ermenegildo Zegna, positions it favorably compared to other retail-heavy structures in the struggling Mag Mile retail scene post-pandemic.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $55,000,000
• Address: 645 North Michigan Avenue
• Market: Chicago
• Asset Type: Office
• Square Footage: 200,000 SF

The loan was secured by Feil Organization and Nakash Holdings, represented by their respective landlords Jeffrey Feil and Joseph Nakash. The broker involved in the transaction was Mark Baby from Stream Realty Partners. The loan's purpose was to refinance the Magnificent Mile property, indicating the investors' confidence in the area's recovery.