Office N Illinois

NorthPoint Capital refinances $20 million loan for Burr Ridge office center

burr-ridge

NorthPoint Capital – Chicago, Inc., one of the NorthPoint Capital group of companies, has refinanced a $20.9 million loan on a Class-A office building center in Burr Ridge, Illinois.

NorthPoint Capital – Chicago, Inc., one of the NorthPoint Capital group of companies, has refinanced a $20.9 million loan on a Class-A office building center in Burr Ridge, Illinois.

Built in early 2006, this 157,000-square-foot property consists of one single-story building and one three-story building. It is located at a high-traffic intersection in the upper-middle-class suburb, within the Oak Brook submarket.

NorthPoint Capital arranged the non-recourse loan through a life insurance company. The loan was fixed for a term of five years, and has a two-year interest-only period that converts to a 30-year amortization schedule.

The borrower was a local repeat client. Paul Walschlager, vice president of NorthPoint Capital – Chicago, Inc., arranged the financing.