ROMEOVILLE, IL—Marcus & Millichap Capital Corp. has arranged a $4.8 million refinancing loan for an unnamed borrower for a building leased to Rasmussen College.
The 25,000-sq.-ft., at 1400 West Normantown Rd., was built in 2009 on a 4.2-acre site located in the southwest corner of the interchange of Interstate 55 and Weber Road. Dean Giannakopoulos, an associate director at MMCC, worked with a bank to deliver a long-term, fixed-rate in the low 4 percent range. The loan is amortized over 25 years at a 75 percent loan-to-value.
“The sponsors acquired the property to satisfy a 1031 Exchange.” said Giannakopoulos in a statement. “The market is competitive for quality loan requests with strong sponsorship.” He said the tenant has a shortterm remaining.