NorthMarq Capital arranged $8.3 million mortgage for 114 S. Racine in Chicago, Illinois
114 S. Racine
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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
