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Highlights
Commonwealth Development Partners secured $114 million in financing — including a $72 million construction loan from Santander Bank and $42 million in joint venture equity — to convert the office tower at 500 North Michigan Avenue into a 320-unit apartment building.
The developers originally purchased the 24-story, 336,500-square-foot high-rise for just $5 million last year, highlighting the steep drop in valuations caused by the Chicago office market's pandemic-era struggles.
Washington Capital Management separately acquired the building's fully leased two-level retail space for $41 million, as downtown Chicago office properties increasingly undergo redevelopment to help energize the urban core.