Meridian Capital Group arranged $6.3 million in financing to refinance the Fairway Executive Building, a four-story, 64,000-square-foot office property in Skokie, Illinois. The 10-year CMBS loan features a rate of 4.84 percent and full-term interest-only payments.
Weiss Properties purchased the asset, located at 8707 Skokie Boulevard, as a distressed property in 2010 and then invested significant funds, remodeled, re-tenanted and added amenities to create a class A office space. Features include floor-to-ceiling windows offering ample natural light, picturesque golf course views, an indoor parking garage, a redesigned lobby and a high-capacity conference room.
“The strength of both the property and borrower ultimately yielded a competitive loan with 60 percent loan-to-value and full-term interest-only payments,” said Meridian managing director Gershon Friedman, who negotiated the transaction.
The Fairway Executive Building is located less than 15 miles north of Chicago and 10 miles from O’Hare International Airport, which serviced nearly 80 million passengers in 2017 alone. The class A office property is adjacent to the Evanston Golf Club and is conveniently located close to both I-94 and a variety of public transportation options, including the CTA Yellow Line and the 54A bus.