A team of Goodwin Procter attorneys helped client 330 N. Wabash Avenue, LLC obtain a $200 million construction loan to fund the ongoing renovations of a landmark Chicago skyscraper. The renovation project involves the 52-story skyscraper at 330 N. Wabash Avenue designed by famed architect Ludwig Mies van der Rohe. The 1.5-million square foot building, which includes class A office space and a luxury hotel, was built in 1971 and has been named a historic landmark.
A subsidiary of a joint venture between Five Mile Capital Partners LLC and Prime Group Realty Trust, 330 N. Wabash Avenue, LLC secured the loan from Landesbank Hessen-Thüringen Girozentrale and New York Life Insurance Company. A portion of the funds will also be used to pay off and terminate an existing loan from GE Capital and ING. Goodwin had also assisted in obtaining this financing in conjunction with Five Mile’s acquisition of an interest in 330 N. Wabash Avenue, LLC.