Jeff Frankel, senior vice president of Northmarq’s Chicago office, in conjunction with brokering the sale of Orland Towne Center, arranged a $14.6 million first mortgage loan on behalf of the buyer, Sperry Equities. Northmarq arranged the fixed rate loan for the borrower through its correspondent relationship with a life insurance company. T
he 138,000-square-foot, big box retail property is located at W. 159th Street and 94th Ave. in Orland Hills, Illinois. The transaction was structured with a 10-year term on a 30-year amortization schedule.
Orland Towne Center contains several strong leading tenants including Aldi, Edge Fitness, Five Below, and PetSmart, along with the newest location of Duly Health and Care, formerly DuPage Medical Group. In addition to these anchors, the center is complemented by a mix of tenants including Hallmark and Subway. The property is also shadow anchored by a nearly 200,000-square-foot Walmart store.