Retail N Illinois

Marcus & Millichap arranges $13.5 million refinancing loan for three Chicago properties

Marcus & Millichap Capital Corporation recently arranged a $13.5 million refinancing loan for an office building and two multi-tenant retail properties in the Chicago area.

[caption id="attachment_17674" align="alignleft" width="224" caption="Dean Giannakopoulos"] Marcus & Millichap Capital Corporation recently arranged a $13.5 million refinancing loan for an office building and two multi-tenant retail properties in the Chicago area.

Dean Giannakopoulos, an associate director in the originations department of the firm’s Chicago Downtown office, arranged the loan.

The office property is located in Chicago’s River North neighborhood, a hub to retail, hotels, restaurants and other offices. It is 100 percent occupied by local tenants.

The two retail assets are located in Mt. Prospect, Ill., and Woodstock, Ill. The property in Mt. Prospect is occupied solely by local tenants. Woodstock Center is anchored by a national grocery store and features a mix of local and national tenants.

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 is 75 percent.