HFF has arranged $18 million in bridge financing for Greenspoint Office Park, a three-building, Class A office portfolio totaling 498,635 square feet in Hoffman Estates.
HFF worked on behalf of the borrower, LPC Realty Advisors I Ltd. (LPCRA), to secure the $18 million bridge financing through correspondent lender Aetna Life Insurance Co. The three buildings were financed via two cross-collateralized loans that carry a total blended cost of funds below 5 percent fixed for three years.
Greenspoint Office Park consists of Barrington Pointe (148,385 square feet), Greenspoint I (202,838 square feet) and Greenspoint III (147,412 square feet), which were built in 1986, 1989 and 2000 respectively. Notable tenants include Vistex Inc., Siemens, Arcadis, U.S. Inc. and Kimberly-Clark. The properties are located at 2300 N. Barrington Road, 2800 W. Higgins Road and 2895 Greenspoint Parkway at the interchange of Interstate 90 and Barrington Road in the northwest suburban market.
The HFF debt placement team representing the borrower was led by Trent Niederberger and Mike Kavanau. The property was sold earlier this year by the HFF investment sales team led by Jeff Bramson, Jaime Fink and Mark Katz.
LPC Realty Advisors I Ltd. is an advisory affiliate of Lincoln Property Co. LPCRA and acts as investment advisor to a public pension fund.