Jeff Cherner, senior vice president/managing director of NorthMarq Capital‘s Chicago based regional office arranged the $60 million refinance of Arboretum Lakes, a Class “A” 734,000 sq.ft. office park located in Lisle, Illinois within Chicago’s East-West corridor.
“This Class-A office building was acquired with less than 60% occupancy during the depths of the Great Recession. Ownership has patiently and carefully leased the building to 90% in a market with many buildings still suffering from high vacancy rates in many buildings,” said Cherner. “Our correspondent lender recognized the value of the ownership’s financial strength combined with a well located, high quality asset. They provided a loan at favorable terms to enable ownership to hold the property long term.”
The transaction was structured with a 10-year term and 25-year amortization schedule. Financing for the borrower was provided by NorthMarq through its correspondent relationship with a life company. Major tenants at the property include SunCoke, Aldera, CNA, SSAB, Smart Signal, RICOH, LEECO and Valid USA.