February 27, 2020
NorthMarq’s Chicago-based Jeff Frankel negotiated acquisition financing totaling $16.9 million for two industrial/flex office properties located in Des Plaines, IL and Dublin, OH, a Columbus suburb. 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 square feet in Dublin. The transaction was structured with a seven-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 square feet in Des Plaines, a Chicago suburb.
“The Ohio property was 80% occupied at the time of acquisition, while the Des Plaines property was 94% occupied,” said Frankel. “In both cases, Ready Capital provided the sponsor with an attractive non-recourse fixed rate loan with structured prepayment terms.”
Pictured: Dublin, OH flex portfolio.
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny