Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, has arranged an $18.96 million short-term bridge loan for the acquisition of 400 Skokie Boulevard, a 195,000 square-foot office building in Northbrook, IL. Cohen Financial secured the loan with a Chicago-based bank.
The multi-tenant office complex is close to the Edens Expressway and is 75 percent leased. The tenant base is comprised of companies in numerous industries, including industrial manufacturing, financial services and healthcare firms.
Michael Hart, managing director in the Cohen Financial Chicago office, arranged the financing for Ameritus, a Chicago-based real estate investment firm. The transaction closed on December 29, 2017.
“This is a value-add investment for our client who will use the bridge loan to upgrade the base building and common areas and to reposition 400 Skokie as the highest-quality, Class B office building in this Chicago sub-market,” said Hart. “Northbrook’s Class A office buildings are all currently more than 90 percent leased. Tenants that want to expand have few alternatives at 400 Skokie’s rental price point. Additionally, the property is located in a particularly appealing area of Northbrook, close to numerous amenities in the affluent North Shore area.”