—Marcus & Millichap said it recently arranged a $13.5 million loan for a borrower for a local office building and two retail properties in Illinois.
Dean Giannakopoulos, an associate director with the company arranged the refinancing loans. The 100-percent-occupied office property is in the River North neighborhood here. The two retail properties are in Mt. Prospect and Woodstock. In a statement about the loan, Giannakopoulos did not reveal the addresses for the properties or the name of the borrower, and also did not divulge the name of thelender.
The seven-year loan amortizes at a different schedule for each property, from 15 to 20 years, with an interest rate in the low 4 percent range. The LTV (loan-to-value) is 75 percent, Giannakopoulos said. “The borrower sought to leverage the market’s current low interest rates and accelerate the loan’s amortization schedules in order to pay them down faster,” he said.