CHICAGO, ILLINOIS (February 19, 2020) – Jeff Frankel, senior vice president/senior director of NorthMarq’s Chicago office negotiated acquisition financing for two industrial/flex office properties located in Des Plaines, Illinois and suburban Columbus, Ohio. Both transactions were sourced through NorthMarq’s relationship with Ready Capital Structured Finance, a REIT bridge platform.
Frankel arranged acquisition financing for a three building single story office/flex property containing a total of 124,929 sq. ft. located in Dublin, Ohio. The transaction was structured with a 7-year hybrid bridge loan.
In addition, Frankel arranged acquisition financing for a three building single-story industrial/flex property containing a total of 140,134 sq. ft. located in Des Plaines, Illinois.
“The Ohio property was 80 percent occupied at the time of acquisition while the Des Plaines property was 94 percent occupied. In both cases, Ready Capital provided the sponsor with an attractive non-recourse fixed rate loan with structured prepayment terms. The hybrid loans also provided a commitment to fund future capital improvement, tenant improvement, and leasing commission dollars on a floating rate basis,” said Frankel.