Prime Group, Five Mile Land $200M Loan For Chicago Tower

Law360, New York (August 24, 2012, 6:44 PM EDT) -- An iconic Chicago tower, owned by Prime Group Realty Trust and private equity firm Five Mile Capital Partners LLC, has secured a new $200 million loan from New York Life Insurance Co. and a German bank, Prime Group announced Thursday.

A $111.9 million chunk of the three-year term loan, which has a fourth-year extension option, will be used to repay an existing first mortgage note and the rest will go toward improvements related to a spate of major leases recently inked at the property, according to...
To view the full article, register now.