PEORIA, IL—Oak Realty Group Inc. recently signed for $16.5 million in financing for its affiliate that owns the One Technology Center here.
Cohen Financial arranged the loan for the 155,000-sq.-ft. office, located just north of the Illinois River and a couple blocks from Caterpillar Inc.’s national headquarters. The building is 96 percent leased, with tenants including Robert Morris University, Caterpillar, Wells Fargo and the state and private attorney firms.
Michael Grant, director of Cohen, and Rudy Rosen a senior analyst secured the fixed-rate, 10-year term loan with a 25-year amortization schedule. The loan was provided by Archetype Mortgage Capital, a CMBS lender headquartered in Miami. “The project is considered the best Class-A building in the downtown market,” said Grant in a statement.
The ownership is 211 Fulton Street LLC, and the managing member is a family group led by Adam Levine, president of Oak Realty Partners. “One Technology Center has been a good investment for us and the fundamentals in Peoria for Class-A office space remain strong,” Levine said in the statement.