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CHICAGO-The 357,777-sf Borg-Warner building at 200 S. Michigan Ave. has been refinanced for $31.5 million, which pegs the value of the office asset across the street from the Art Institute of Chicago at $42 million. A life insurance company provided the seven-year non-recourse loan to Michigan Avenue Investors, the investment group that paid $28.5 million in 2000 for the 22-story asset at the southwest corner of Michigan Avenue and Adams Street.

Pricing of the loan is based on the seven-year US Treasury rate. The mortgage, originated by Stephen Skok of Cohen Financial’s capital markets unit, is amortized over 30 years.

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