47
CHICAGO — GE Real Estate has provided $100 million in bridge financing for 330 North Wabash, a 52-story, Class A office building located in Chicago’s River North neighborhood. The bridge loan, which carries a 5-year, interest only term, will allow the borrower, Prime Group Realty Trust (PGRT), the opportunity to recapitalize and reposition the property. As part of the refinancing, PGRT had previously sold off the second through 13th floors of the tower to a joint venture controlled by LaSalle Hotel Properties, which plans to develop the space into a five-star hotel. PGRT will use the funds to attract new tenants once the property’s major tenants vacate the building in April 2010. The financing was brokered by Chicago-based Draper & Kramer.