Finance N Illinois

CBRE lines up financing for West Loop office building

CBRE lines up financing for West Loop office building,ph01

CBRE recently represented RDG Funds LLC in the financing of 156 N. Jefferson Street, a class A, loft office building located in Chicago’s West Loop. John Parrett, Molly Green and Harrison Addy in the Chicago office led the CBRE capital markets debt and structured finance team in securing the $8.3 million, long-term, fixed-rate financing with a life company lender.

“The capital markets continue to provide liquidity to high-quality real estate that is well-located with a solid cash flow and strong sponsorship,” said Parrett. “156 N. Jefferson fits all of those characteristics.”

RDG acquired 156 N. Jefferson last year and undertook a complete redevelopment of the property that retained many of the original character-defining features to highlight the building’s historic architectural attributes. Now 100 percent-leased, improvements at the three-story, 32,000-square-foot creative loft office building include a newly built fitness center equipped with men’s and women’s locker rooms and a rooftop deck and a Wi-Fi tenant lounge.