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CHICAGO-Michigan Plaza LLC, an affiliate of New York City-basedLoeb Partners Realty LLC, has obtained permanent, fixed-ratefinancing for Michigan Plaza. The $232-million mortgage willreplace the acquisition financing the company used to purchase thetwo-building, class A office complex.
Geoffrey Rice, a director in CBRE | Melody's New York Cityoffice, tells GlobeSt.com that the timing for the financing wasbased on simple economics. "Rates were rising, so it was a goodtime to lock in a fixed rate," Rice says. "As Libor has risen, thecost of debt services and loans has risen." Loeb Partners acquiredthe complex in 2005 for $266.3 million.
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