Howard, Riverside secure $665M to construct office tower in Chicago

Howard Hughes Corp. and Riverside Investment and Development have secured $665 million financing to build an office tower in Chicago, the Chicago Tribune reports..

The partners plan to develop a 1.4 million-sq.-ft. office tower along the Chicago River. The $771 million project will receive $495 million in construction loans, $169.6 million in preferred equity from USAA Real Estate, a $10 million cash layout from Riverside, and an $87 million equity investment from Hughes.

Clark Construction will construct the tower, which is scheduled for completion in late 2020.