Tremont Structures $18,800,000 Refinance for Two Chicago Office Buildings
The Chicago office of Tremont Realty Capital arranged for the refinance of 833 W. Jackson & 322 S. Green Street. These are both high quality loft buildings located in the West Loop/River West office market. The buildings border the West loop and “Greek Town” on the east, and the University of Illinois-Circle campus to the south. The rentable area for each respective building is 62,430 sf and 89,286 sf, for a total of 151,716 sf.
Michael Hart, Senior Director with Tremont, arranged the 10-year fixed rate, $18,800,000 non-recourse loan, which provided for approximately 85% of the value that was funded by a national conduit lender. The property was 95% occupied at the time of closing. According to Tremont, “Tremont was able to arrange financing that provided an aggressively priced spread for an 85% loan-to-value deal. These buildings are very well positioned in the downtown west loop submarket which were originally purchased at a 70% occupancy level and refinanced at a 95% occupancy level.”
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