CHICAGO-Waterton Associates has taken out a second mortgage of $12 million on its 24-story apartment tower in River North.
Waterton, a Chicago-based real estate investment firm, is thus able to take some cash out of the property after an attempt to sell the property failed, according to Crain's Chicago Business.
An affiliate of Waterton had put the 399-unit building at 320 W. Illinois on the market last year but did not find buyers for the property, which it acquired in 2006 for $60.5 million.
Waterton borrowed $12 million in late February from Bethesda, Md.-based Berkeley Point Capital LLC, which subsequently assigned the loan to Fannie Mae. The new loan, which bears an interest rate of nearly 4 percent, matures in 2017. See story in Chicago Real Estate Daily.
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