Old Orchard Towers, a 349,814-square-foot, Class A office complex consisting of two seven-story office towers in Skokie, Illinois, will undergo a $59.6 million refinancing. Holliday Fenoglio Fowler, L.P. (HFF) worked on behalf of the borrower, Zeller Realty Group, to secure the three-year, floating-rate loan through Ares Commercial Real Estate Corporation.
Old Orchard Towers is located at 5202 and 5250 Old Orchard Road in the North Shore submarket of northwestern Chicago. The property is approximately five miles from Chicago city limits, 13 miles from Chicago O’Hare International Airport and 15 miles from the Chicago CBD. Situated adjacent to the Edens Expressway (I-94), the property is visible to more than 150,000 vehicles per day.
The north and south towers, connected via a concourse and an 857-space parking deck, are 91 percent leased to 16 tenants, including National Louis University, Sg2, and Kaufman, Hall & Associates. The property also includes a 2.53-acre vacant land parcel for future development.
The HFF debt placement team representing the borrower included managing director Christopher Carroll.