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Highlights
The ownership group for Chicago’s iconic 82-story Aqua Tower secured a $144 million refinancing package for the 474-unit residential portion, effectively taking the luxury skyscraper off the market after it was listed for sale.
An affiliate of Starwood Capital led the lenders of the new loan, which replaces a maturing debt package of about $145 million.
Magellan CEO David Carlins noted the partnership opted for refinancing over a sale due to a strong belief in the building’s long-term value.