CHICAGO—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 the regional lender.
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.