September 5, 2013

NorthMarq Capital arranged $8.3 million mortgage for 114 S. Racine in Chicago, Illinois

114 S. Racine

Debt & Equity

Multi-Tenant

CHICAGO (September 5, 2013) – Jeff Cherner and Rup Patel of NorthMarq’s Chicago regional office, arranged first mortgage refinancing of $8.3 million for 114 S. Racine in Chicago, Illinois. The property is located on the NWC of Adams and Racine and contains 67,690 sq. ft. of office space. It is 100% leased with onsite parking for 28 vehicles. Intercultural Montessori School, CCMSI, and C. H. Robinson Worldwide are major tenant at the site. Financing was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, an affiliate of The Sterling Bay Cos., through its relationship with a regional bank. “This is another example of a well-located, well-leased office building with strong sponsorship that attracted numerous financing proposals. As the economy and local markets slowly improved, lenders are once again attracted to good office financing opportunities such as 114 S. Racine,” Cherner said.

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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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