Howard Hughes Corp. and Riverside Investment & Development said they have arranged a $495 million construction loan from a group of lenders led by Bank of America and JPMorgan Chase to build a 53-story office tower at 110 N. Wacker Dr., The Chicago Tribune reports.
The $761 million project also includes a preferred equity investment of $169.6 million from USAA Real Estate, almost $10 million in cash from Riverside and $87 million in equity, including the value of the land, from Howard Hughes.
The financing details were included in Securities and Exchange Commission filings by Howard Hughes. The new building will be constructed on the site of the recently demolished former GGP headquarters building.
Bank of America will be the tower’s key tenant, with about 500,000 sq. ft. in the building’s low-rise portion.