Murphy Development Group and CIM Group have refinanced the Paragon, a 47-story high-rise at 1326 S. Michigan Ave., with a $150 million loan, allowing them to pull nearly $60 million out of the project. Read the full story here.
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Cook County commissioners endorsed a $550 million-plus plan to rehabilitate the long-shuttered old Cook County Hospital and surrounding area on the city's Near West Side. The development team plans to invest between $550 million and $700 million in the project, which would transform the 102-year-old Beaux Arts building into a hotel, restaurant and shops. Read the Chicago Tribune article here.