Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Ready Capital Finances $69M in Loop Office Deals
Ready Capital’s National Bridge Originations Team recently provided a pair of loans totaling $69 million for Class B office acquisitions in the Loop. They were among 18 recent transactions the team handled across eight states and totaling more than $270 million.
In one deal, Ready Capital provided $24.6 million to acquire a 177,000-square-foot building in the Central Loop. The borrower wasn’t disclosed, but published reports identified the buyer as local investor Ruben Espinoza, who recently acquired the historic 19 S. LaSalle St.
In the larger of the two transactions, the Ready Capital team provided $44.4 million to an undisclosed borrower to finance the acquisition of an approximately 450,000-square-foot East Loop property (pictured), identified in published reports as 55 E. Jackson Blvd. The loan will provide funds for the leasing costs associated with extending tenants long term and stabilizing the rent roll at market rents.
Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.
Subscribe to Connect Daily Chicago
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
