CBRE secured the financial loan of a single-tenant retail building occupied by Kohl’s located at 230 East Rollins Road in Round Lake Beach, Illinois for $7.2 million. CBRE’s Capital Markets’ Debt and Structured Finance team, including Bruce Francis, Dana Summers, Bob Ybarra, and Shaun Moothart, worked on behalf of Texas-based Regional Apartments Grapevine LLC.
“Having a loan with 10-year interest only financing will provide the investor an exceptional long-term cash flow stream based on the interest-only amortization on the loan. The borrower was very pleased with the loan terms,” says Summers.
The 87,000 square foot property had 10 years remaining on its absolute triple net lease. CBRE sourced a 10 year interest only loan at a 58 percent loan to value and 4.31 percent fixed loan. The lender was Barclays Capital and the sponsor was a high net worth private investor out of California.
The property is located in Round Lake Beach’s main retail corridor with an average traffic count of 28,000 vehicles per day. Other retailers include Home Depot, Hobby Lobby, Walgreens, Office Max, Big K Mart, Regal Cinemas, Famous Footwear, Wendy’s, Panera Bread, Chili’s, Applebee’s, McDonald’s, Joann’s Fabrics, Ace Hardware, KFC, Taco Bell, Firestone, Chipotle, Buffalo Wild Wings, and AutoZone. In addition, the property is in proximity to the North Central Service commuter rail, stretching from Antioch to downtown Chicago.