Office N Illinois

Oak Brook's Commerce Plaza refinances for $89.4M

Oak Brook's Commerce Plaza refinances for $89.4M,ph1

JLL’s Capital Markets experts arranged an $89.4 million, long-term loan to refinance Commerce Plaza, a 556,463-square-foot office complex in Oak Brook, Illinois. The fixed rate, non-recourse loan was secured on behalf of owners Zeller Realty Group and Olympus Ventures, LLC. The financing was provided by PGIM Real Estate Finance, the commercial mortgage finance business of PGIM, part of Prudential Financial, Inc.

Managing directors David Hendrickson and Keith Largay led the JLL team handling the transaction along with associate Derek Siadak. “We received interest in funding this loan from a large number of life companies and CMBS lenders, demonstrating both the attractiveness of the asset and the sponsor,” said Largay. “This transaction proves that lenders are willing to be aggressive in financing high-quality, well-located, suburban office assets.”

Commerce Plaza consists of three seven-story office buildings on an 18-acre parcel adjacent to Oakbrook Center, one of the top 15 regional malls in the country. Since acquiring the asset in 2016, the owners have renewed and expanded some of the property’s major tenants, including Treehouse Foods. The multinational food processing company specializing in private label packaged foods has its headquarters in Commerce Plaza’s 2021 Spring Road building. The complex was 96.8 percent leased at the time of funding.