Standing along the Chicago River the former IBM Plaza, designed by Ludwig Mies van der Rohe, is a historic part of the Chicago skyline.  The building and adjacent garage were underwritten to take advantage of historic tax credits and the subdivision and sale of the lower thirteen floors- to be developed into the luxury Langham Hotel.  The loan was provided to a local REIT for refinance and redevelopment and was originated as an A-B note structure.