CHICAGO (July 10, 2014) – 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. 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. “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.”
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.
