Marcus & Millichap Capital Corp. has arranged a $4.8 million refinancing loan for a 25,000-square foot, Class B, single-tenant office building in Romeoville.
Dean Giannakopoulos, an associate director in the originations department of the firm’s Chicago downtown office, arranged the loan.
Working with a bank, MMCC delivered a long-term fixed rate in the low 4 percent range. The loan is amortized over 25 years at a 75 percent loan to value.
“The sponsors acquired the property to satisfy a 1031 Exchange. The client was not able to get the leverage and amortization directly through their own sources and hired MMCC,” Giannakopoulos said. “The market is competitive for quality loan requests with strong sponsorship.”
Giannakopoulos was able to get the lender comfortable with the asset as well as the tenant’s strength and likelihood of staying at the property even with the short lease term remaining.
The property is leased to Rasmussen College located at 1400 W. Normantown Road in Romeoville. The 25,000-square-foot building was built in 2009 on a 4.16 acre site located in the southwest corner of the I-55 and Weber Road interchange in Will County.