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**Joint Venture Secures $700M Refinancing for Bank of America Tower in Chicago**
A joint venture comprising Oak Hill Advisors, Callahan Capital Partners, and Affinius Capital is set to secure a $700 million commercial loan to refinance the Bank of America Tower, located at 110 North Wacker in Chicago. The 1.5 million-square-foot office building is a significant downtown property and a key commercial asset in the city’s business district, according to credit rating agency Fitch.
The joint venture originally acquired the property in 2021 from developers Riverside Investment & Development and the Howard Hughes Corporation. The upcoming financing package will be administered by Deutsche Bank National Trust Co., which will serve as trustee, while Trimont LLC will act as loan servicer. The financing is structured as a five-year, fixed-rate loan, with co-origination handled by a consortium of major financial institutions, including JP Morgan Chase Bank, Bank of America, Wells Fargo Bank, Goldman Sachs Bank USA, and Bank of Montreal.
Proceeds from the loan will be used to refinance existing debt, including the repayment of $129.8 million in preferred equity. Additionally, $11.4 million will be allocated toward closing costs, and $2.7 million will fund upfront reserves to support the transaction.
Constructed in 2020, the Bank of America Tower includes 22,000 square feet of premium first-floor retail space and stands as one of the newest additions to Chicago’s skyline. The refinancing reflects continued investor confidence in top-tier office assets in prime urban locations, despite broader market uncertainties.
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