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Optibase affiliate secures $175M loan for Chicago office asset

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Optibase affiliate secures $175M loan for Chicago office asset

Optibase Ltd. affiliate South Riverside Building LLC secured US$175.0 million in financing from Korea-based Shinhan Bank for its 22-story 300 South Riverside Plaza office tower in Chicago.

The fixed-rate loan has a term of five years. South Riverside Building is 30% owned by an Optibase indirect subsidiary, according to a release.

Israel-based Optibase received a repayment of US$3.0 million, plus accrued interest, of its senior notes to 300 River Holdings LLC, the parent company of the borrower.