HFF secures $31.7M in debt and equity for Naperville Corporate Center
July 28, 2010 | Staff Writer | Print Article | Email this Article
The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $31.7 million in financing and joint venture equity for the recapitalization of Naperville Corporate Center, a four-building, 418,836-square-foot office property located in the western Chicago suburb of Naperville, Ill.
HFF managing directors Jaime Fink and Mike Kavanau worked on behalf of Transwestern Investment Company to secure the $23.4 million, adjustable-rate loan with Prime Finance Partners. HFF engaged TriGate Capital, LLC, a Dallas-based private equity firm, to provide $8.3 million in joint venture equity for the recapitalization of the property. Proceeds are paying off an existing first mortgage at a discount and providing capital for future tenant improvements and leasing commissions.
“We are excited to enter the Chicago market with this acquisition,” said Jeffrey Yarckin, managing member of TriGate, in a released statement. “The location of this property within the submarket is very strong as it benefits from direct access to the tollway in both directions. Also, we believe leasing will benefit from the amenities at the property and in the adjacent new Freedom Commons retail center.”
Tags | Chicago, finance, HFF, Office
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