KBS REIT III Secures $375M Loan For Office Building At 500 W. Madison Street In Chicago

The office building located at 500 W. Madison Street in Chicago has been involved in a recent closed transaction. The property spans a total of 1,460,000 square feet and is owned by KBS REIT III, represented by Rob Durand. The loan for this transaction was provided by LIBOR, U.S. Bank, Bank of America, U.S. Bank, and Deutsche Pfandbriefbank. The loan amount was $375,000,000, and it consisted of a 75% term loan and a 25% revolving loan. The initial term of the loan is three years, with two one-year extension options. The interest rate on the loan is variable.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $375,000,000
• Address: 500 W. Madison Street, Chicago
• Market: Chicago
• Asset Type: Office
• Square Footage: 1,460,000

This transaction involved multiple lenders, including LIBOR, U.S. Bank, Bank of America, U.S. Bank, and Deutsche Pfandbriefbank. The loan was secured by the property and will provide financing for its operations and potential future developments. The loan terms include a three-year initial term with two one-year extension options. It is a combination of a term loan and a revolving loan, with the term loan comprising 75% of the total loan amount and the revolving loan comprising the remaining 25%.