Bobby Cayre And Ben Ashkenazy Secure $98M Loan For 700 North Michigan Avenue Retail Property

The asset involved is a retail property located at 700 North Michigan Avenue in Chicago, with a total square footage of 300,000. The transaction features a loan amount of $98,000,000, which includes provisions for both senior and junior loans secured against the property.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $98,000,000
• Address: 700 North Michigan Avenue
• Market: Chicago
• Lender: Aareal Capital Corporation & Aurora Capital Associates
• Landlord: Bobby Cayre - Aurora Capital Associates; Ben Ashkenazy - Ashkenazy Acquisition

Bobby Cayre and Ben Ashkenazy made a payment of $65 million to Aareal Capital to maintain control of the Chicago Place Mall, which allowed them to secure a new senior loan of $33 million. An affiliate of Aurora Capital also issued a junior loan of $65 million, which is set to mature in 2040, helping to mitigate immediate financial pressures amid challenges on the Magnificent Mile such as vacancies and declining rental rates.