Bobby Cayre And Ben Ashkenazy Secure $98M Loan For 700 North Michigan Avenue Retail Property
700 North Michigan Avenue
$98,000,000
$326/SF
Building Size
300,000 SF
Asset Type
Retail
Closing
Sep 5, 2025
AI
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.
Players
Chicago Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93