Alpha Alternatives, LLC has arranged an $18.375 million bridge and preferred equity loan for 1600 Corporate Center, located in Rolling Meadows, Illinois. The interest-only financing provided the borrower with a full capital stack solution.
Anthony Longo with the firm, said the bridge loan was arranged with a preferred equity piece on top to assist the Borrower with a strategic investment solution, while also providing funding for tenant improvements and leasing commissions.
“With Bank of America signing a recent lease for more than a third of the property and 89% current occupancy we were able to obtain a loan with an 85% loan-to-cost ratio,” he added.
The 12-story Class A, multi-tenant office property is located at 1600 Golf Road in Rolling Meadows, a northwest suburb of Chicago. The property, which features 255,440 rentable square feet, was constructed in 1986. Alpha utilized both a securitized lender and private equity lender to provide the interest-only financing for a combined rate of 500 basis points over LIBOR.