Martin Siegel of Wool Finance Partners has arranged $6,200,000 in construction financing for the speculative development of a 95,245-square-foot distribution warehouse facility within Corporate Woods Business Park in Vernon Hills, Illinois.
The borrower, Forest Edge TH, LLC, will acquire and demolish a vacant, 48,100-square-foot office building and repurposing the site with a modern, high-cube warehouse facility divisible for multi-tenancy.
The project is led by Cary Goldman of Timber Hill Group and Jim Woldenberg. The leasing agent is Brett Kroner of Cushman & Wakefield and the general contractor is Premier Design + Build Group.
A Chicago-based bank provided a non-recourse 65% loan-to-cost structure for a 36-month term at a current 3.50% floating interest rate with two, 12-month extension options on a 25-year amortization schedule upon stabilization.
