Victor Azrak Of Triangle Capital Group Secures $71.5M Loan For 500 North Michigan Avenue Construction
500 North Michigan Avenue
$71,500,000
$282/SF
Building Size
253,024 SF
Asset Type
Office
Closing
Sep 21, 2026
About this deal
AI
The property asset involves the conversion of 500 North Michigan Avenue, located in Chicago, IL. This office building spans 253,024 square feet and is set to undergo a transformation into 320 luxury apartments, including 64 affordable units.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $71,500,000
- Loan Type: Construction
- Lender: Santander Bank
- Landlord: Victor Azrak - Triangle Capital Group; Commonwealth Development Partners
- Brokers: Christopher Knight, Ryan Planek & Annie Thomas - JLL
This transaction features a significant partnership with JLL, which arranged $71.5 million in construction financing and an additional $41.8 million in joint venture equity specifically for the project. Construction on this adaptive reuse project commenced in May 2026, and delivery is expected in March 2028.
On the Map
$71,500,000
$282/SF
Office
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Players
Lafayette Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93