Rick Lynn, a director in Marcus & Millichap’s Chicago Oak Brook office, secured the loan.
“The borrower was in a 1031 exchange, making this a time-sensitive transaction,” says Lynn. “The process took just five weeks and illustrates our ability to source capital for assets in other than primary markets.”
James Walsh, senior vice president of investments in Marcus & Millichap’s Chicago downtown office, represented the seller, the property’s developer. David Gaines, vice president of investments, also in the firm’s Chicago Downtown office, and Alex Blagojevich, vice president of investments in the firm’s Tampa office, led the national marketing campaign.
The Chicago-area buyer is a private investor representing his family investment trust.