Today Crains reported that Related just refinanced their luxury apartment building at 500 N Lake Shore Drive for a cool 175 Million.
Mass. Mutual Life Insurance handled the refi which enables Related to payoff the 100M construction loan while leaving everybody with that warm fuzzy feeling an extra 75 Million leaves you with.
This announcement comes weeks ahead of the grand opening at 111 W Wacker, the former Waterview Tower. This is the second major luxury apartment development for Related here in Chicago,
Related is no stranger to headlines these days. Between their South Loop Luxury collection and their involvement in the Spire debacle, they have been in the news. If the Spire is back on track, there is no guarantee Related will be involved so the question remains: What Is Next?!
Related seems to have the Midas touch so we are eagerly awaiting details on their next project. Can they measure up?! Our fingers are crossed.